FCA Gets OK For Plan To Repay Scammed Investors

Law360, London (November 21, 2019, 2:29 PM GMT) -- A judge at a London court gave the Financial Conduct Authority the green light on Thursday to begin partially repaying investors defrauded out of £18.7 million ($24.2 million) in rogue investments, saying the plan was the fairest outcome "for this thorny issue."

Patrick McCahill QC, sitting as a judge at the High Court, ruled in favor of the watchdog's attempts to redistribute assets seized from Capital Alternatives Ltd., related companies and several individuals who ran phony investment schemes in Africa, Australia and Brazil.

The authority has recovered less than £300,000 because many of the companies involved in the investments lack assets, while...

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