FCA Urges Victims Of Ponzi Scheme To Claim Refunds

Law360, London (October 8, 2019, 4:06 PM BST) -- The Financial Conduct Authority on Tuesday called on victims who were scammed out of £8.5 million ($10.4 million) in an unauthorized investment scheme to come forward so they can claim their share of the remaining £100,000 that the watchdog has clawed back.

The City watchdog said it has approximately £100,000 left to hand out to victims of Churchgate Trading Syndicate, which ran as a Ponzi scheme in Newport, South Wales, between June 2009 and February 2011. Stuart Mudge and Anthony Lewis managed the scheme, in which investors were paid returns from other investors’ money.

The FCA ordered Mudge to pay over...

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