Regulation  

Six banned after investors conned out of £4.3m

Six banned after investors conned out of £4.3m

The Financial Conduct Authority (FCA) has banned six individuals from all regulated activities after investors lost £4.3m through an unregulated collective investment scheme.

Scott Crawley, Daniel Forsyth, Adam Hawkins, Ross Peter, Aaron Petrou and Dale Walker have today (1 November) been prohibited from performing any function linked to regulated activity.

Between July 2008 and November 2011, the six men were involved in the operation of an unauthorised collective investment scheme through three companies: Plott Investments, which changed its name to Plott UK; European Property Investments (UK) Ltd, and Stirling Alexander.

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A final notice from the FCA revealed that 100 investors lost £4.3m through the scheme.

The salesman have also received sentences totalling more than 30 years for a number of offences, including the possession of criminal property, conspiracy to defraud, and for providing false or misleading information.

According to the notice, the companies tried to sell investors agricultural land, some of which the companies did not own.