The Financial Conduct Authority has charged Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell with multiple counts of conspiracy to commit fraud by false representation.
The four individuals allegedly ran an unauthorised investment scheme which defrauded investors out of £3.9mn.
The FCA alleges that between May 1 2015 and July 23 2019, the defendants conspired to defraud via the two companies, Hanover Merchant Capital UK Ltd and Liberty House Capital Ltd by misleading UK investors that their money would fund water extraction and bottled water production.
The alleged misleading representations included that both companies were well-established investment companies with permanent London-based offices, capital raised from investors would be paid towards the costs of or otherwise invested in a genuine water extraction and bottled water extraction.
As well as capital raised from investors would be insured by a valid form of insurance and investors would receive regular annuities and returns generated by the capital they provided.
Sweeney and Simmons were also charged with money laundering.
All four defendants will appear at Westminster Magistrates’ Court on April 3 2024.
alina.khan@ft.com
