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...

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