UK Court Liquidates Firm For Misleading Investors

Law360, London (December 1, 2016, 7:26 PM GMT) -- A brokerage firm that ignored a warning from the U.K. Financial Conduct Authority and sold more than £3 million ($3.8 million) of nearly worthless investment products to often vulnerable clients has been ordered into liquidation by the High Court, the Insolvency Service said Thursday.

London-based Cutler and Ross Ltd., formerly known as Sussex Associates Ltd. and Compare Markets Ltd., sold alternative investment products in wine, art, “fancy colored diamonds” and even working interests in oil wells after its incorporation in July 2013, the agency said in...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.