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...
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!