Promoters Fight Fraud Claims In FCA Care Home Scheme Suit

Law360, London (April 23, 2021, 3:27 PM BST) -- A property investment company accused of operating a Ponzi-like scheme that Britain's financial watchdog claims cost investors £50 million ($69 million) has told the court it was not the mastermind of the plot, saying it thought the investment was legitimate.

Richard Tasker and a property investment company, Fortem Global Ltd., told the High Court in a defense on April 20 that they were not responsible for the main operations of an investment scheme involving care homes in northern England.

The Financial Conduct Authority accuses Tasker and the company, as well as another defendant Robin Forster, of carrying out unauthorized activities by...

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