FCA Will Return £2.5M To Investors In Illegal Land Scheme
Law360, London (February 25, 2019, 6:25 PM GMT) -- The Financial Conduct Authority said that it plans to return approximately £2.5 million ($3.3 million) to investors in a £32.8 million unauthorized investment scheme, after a company related to the fraud handed the amount over to the watchdog.
The FCA said that it received the £2.5 million from Panamanian company Paradigm Consultancy SA, which was ordered to repay investors after a 2012 High Court case. The business was involved in an unauthorized collective investment scheme which was established and operated by Countrywide Land Holdings Ltd., Regional Land and Consolidated Land UK Ltd.
Between 2005 and 2010, approximately 870 consumers invested a...
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