The UK Financial Conduct Authority has announced that between July 2008 and November 2011 six individuals have been involved in the operation of an unauthorised collective investment scheme through three companies:
- Plott Investments Ltd (which changed its name to Plott UK Ltd),
- European Property Investments (UK) Ltd and
- Stirling Alexander Ltd.
The scheme led to over 100 investors losing just under £4.3 million and the individuals who operated the scheme received sentences totalling more than 30 years. Between them, these individuals were convicted of offences including:
- breaching, or aiding and abetting the breach of, the general prohibition (the carrying on or purported carrying on of a regulated activity without authorisation or exemption)
- possessing criminal property
- conspiracy to defraud
- providing information knowing it to be false or misleading
The specific offences of which each individual was convicted are detailed in the relevant Final Notices.
For the complete FCA announcement, click here.