FCA Seizes £3.4M From China Trade Investment Ponzi Scheme

Law360, London (July 10, 2019, 1:01 PM BST) -- The Financial Conduct Authority said Wednesday it has seized £3.4 million ($4.24 million) from two directors and their companies after reaching a settlement in a lawsuit over an illegal investment scheme involving Chinese goods.

The regulator said it will distribute £3.4 million to investors in a Ponzi scheme run by husband and wife Samuel Golding and Shantelle Deacon. The couple promised returns of up to 100% to more than 1,000 stakeholders in two ventures that involved selling wholesale goods bought from China.

But no trading took place and the venture relied on a continuous flow of new clients to fund returns for...

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