Care Home Investment Operator Fights FCA Fraud Claims

Law360, London (April 15, 2021, 5:07 PM BST) -- Investors in a failed care home project knew their cash was not protected by the Financial Conduct Authority, the program's operator argued as it fights the regulator's lawsuit accusing it of running a Ponzi scheme-like operation.

Robin Forster, who ran Qualia Care Developments and Qualia Care Properties before the companies entered administration last year, said he received legal advice that confirmed the care home investment schemes did not need to be authorized by the FCA.

A large number of investors in the care home scheme, which sold leases for rooms, were experienced investors, according to the April 12 defense. They understood...

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