Pension Co. Defends Commission Fees At £86M Fraud Trial

Law360, London (January 29, 2020, 5:27 PM GMT) -- The director of a pensions “introducer” on trial for allegedly giving customers misleading investment advice testified at an £86 million ($111.9 million) fraud trial Wednesday that it was not his “responsibility” to refund out-of-pocket customers his commission fees.

Lee Lummis, who helped run Avacade Ltd. and Alexandra Associates U.K. Ltd., told a High Court judge that there was no way he could have predicted that a “green oil” investment in Cambodia was a scam.

Testifying in his own defense, Lummis dismissed suggestions by an attorney for the Financial Conduct Authority that he didn’t do enough homework before promoting the investment as...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!