Rogue Investment Scheme Backers Ordered To Repay £19M

Law360, London (November 9, 2018, 5:12 PM GMT) -- Members behind a rogue investment firm must pay £18.7 million ($24.2 million) in restitution for their roles in four unauthorized collective investment schemes, a London court has ruled, hiking the amount to be repaid by £2.8 million after a request from Britain’s financial services watchdog.

Judge Patrick McCahill has approved an application to the High Court by the Financial Conduct Authority to increase the amount investors can recover over losses on a scheme run by Capital Alternatives Ltd. that offered investments in rice farm harvests in Africa, the regulator told Law360 on Friday. Judge McCahill made the ruling on Thursday.

The order touches...

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