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FSCS Seeks Redress For More Investors In Failed Resort

Law360, London (April 30, 2019, 6:29 PM BST) -- The Financial Services Compensation Scheme alleges in its latest lawsuit brought in London court against a Guernsey-based trustee over lost investments in a failed Caribbean resort that loans made to the developer weren’t backed with adequate security.

In its recently filed High Court claim against Estera Corporate Trustees, the statutory agency also said that the $44 million in loans from investor funds provided to the developer of the Freedom Bay hotel on the Caribbean island of St. Lucia were given without obtaining an independent assessment of the vendor’s development plan.

At the time of the alleged activities — between December 2011 and...

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