View the article online at http://citywire.co.uk/wealth-manager/article/a694845
FCA takes 16 firms to court over illegal investment schemes
by Sarah Miloudi on Jul 30, 2013 at 13:21
The Financial Conduct Authority (FCA) has entered into a court battle with more than a dozen firms over illegal investment schemes.
In a snap note on its website, the City regulator said: 'We have taken Capital Alternatives and several other firms and individuals to court over investment schemes we believe are illegal.'
It added that two schemes - African Land and Reforestation Projects - were at the heart of its allegations.
'We have asked the High Court to find that Capital Alternatives Limited, African Land, Reforestation Projects and at least 13 other firms and individuals were promoting and operating collective investment schemes (CISs) in the UK illegally and without our authorisation,' the FCA added.
'We also believe the defendants made misleading statements or gave false information when promoting the schemes to investors.'
The FCA said that a date has not been set for the trial, however it expects the case to be heard this Autumn.
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