Sipps firm warns IFAs as two arrested on fraud charges
Sipp provider sends out warning letters over property investment firm following action by Nottinghamshire Police.
Greyfriars Asset Management has confirmed that it has sent warning letters to clients and spoken to a number of IFAs after Nottinghamshire Police confirmed that it had arrested two people for fraud in relation to the activities of property investment firm Arck LLP.
Arck LLP describes itself as company committed to delivering “innovative investment products using property”.
The firm says it works with regulated intermediaries and professionals to help them “create and implement high impact financial solutions that solve everyday financial issues” and offers property investments in Cape Verde and Canada-Fernie.
A spokesperson for Nottinghamshire Police said: “Nottinghamshire Police can confirm it is investigating allegations of fraud related to the activities of Arck LLP.
“Two people, a 47-year-old man and a 49-year-old woman, were arrested in connection with this inquiry in Nottinghamshire on 2 March. They have been interviewed by detectives and bailed pending further enquiries.”
Greyfriars Asset Management told FTAdviser that it has sent out a warning letter to its self-invested personal pension clients and spoke to IFAs who recommended certain investments by Arck.
Bill Walker, partner at Greyfriars Asset Management, said: “We have a duty of care so we sent out our letter to our Sipp clients and spoke to IFAs who recommended this investment.
“The letter said that we have heard that some impropriety may have taken place with certain investments and to contact your IFA.”