Law360, London (January 27, 2020, 4:34 PM GMT) -- The Financial Conduct Authority has accused four British men of duping consumers into investing £1.3 million ($1.7 million) in a “diverse” business portfolio that didn’t exist, telling a London court that nearly every dime was instead put in cryptocurrencies or on the foreign exchange market.
The City watchdog accused the men and their primary company, Bright Management Solution Ltd., of breaking market trading rules by running an unauthorized investment scheme that misled consumers.
The FCA said in a Jan. 10 filing outlining their case at the High Court that Mohammed Zakir Hussain, Mohammed Kabir, Mohammed Abdul Kahhar and Kayes Miah promised...
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