Investors Can Tap Clydesdale Bank For Property Fraud Scam
Law360, London (March 6, 2019, 4:43 PM GMT) -- Defrauded investors can recoup the money they sunk into a sham property scheme from Clydesdale Bank, a London appeals court said on Wednesday as it ruled that the lender had breached contractual obligations by dispersing the money without permission.
The Court of Appeal said the bank had violated a letter of instruction protecting money belonging to the investors by releasing the funds, which had been earmarked for investment in a resort property development on the Atlantic island of Cape Verde, to Arck LLP, a U.K. financial management company whose partners were later charged with fraud.
The ruling overturns a finding by a lower court...
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