Exec Liable To Defrauded Investors In £2M Fund Scheme

Law360, London (March 30, 2021, 4:25 PM BST) -- A London judge ruled Tuesday that an investment company's "shadow director" must repay investors defrauded out of more than £2 million ($2.7 million) as part of a scheme to fund claims against financial institutions, saying the business was being run as a "Ponzi scheme." 

High Court Judge Richard Meade found former Equitable Law Capital Ltd. executive William David Clarkson misled investors into helping fund claims against financial institutions despite knowing the company was insolvent and likely to go bust. 

Although Clarkson had downplayed his role in the company, the judge said he was the de facto director and therefore liable for misleading...

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