FCA To Return Money To Land Investment Scheme Victims
Law360, London (January 14, 2020, 12:58 PM GMT) -- The Financial Conduct Authority said on Tuesday it has won approval at the High Court to return £2.5 million ($3.2 million) to investors in an unauthorized multimillion-pound property investment scheme.
The City watchdog said it would distribute the money to investors who plowed £32.8 million into investments managed by Countrywide Land Holdings Ltd. and others connected with the scheme.
Around 800 people were sold plots of land on greenfield sites after being told that the value could rise significantly if housing developers were granted planning permission to build there. But the sites were unlikely ever to gain planning permission.
The FCA said...
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