News Formal

Collapsed London Capital and Finance operated 'Ponzi' scheme

  • 📰 bbcemt
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

London Capital & Finance (LCF) raised £237m from more then 11,600 investors before collapsing.

London Capital & Finance was said to have misrepresented itself in a “widespread, fundamental and systematic” way

Previous court documents stated that the directors, including individuals from Surrey, used money to buy property, super cars, pay for luxury travel and make donations to the Conservative Party.The High Court of Justice in London concluded that it operated as a Ponzi scheme to pay old bondholders with new bondholder’s money between 2013 and May 2018.

The court found that former chief executive Michael Thomson and associate Spencer Golding were found liable on 14 November for breaches of duties as directors.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 120. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The historic UK market town that was 'England's capital' 300 years before LondonTamworth may be a modest market town, but its significance in English history is huge
Source: MENnewsdesk - 🏆 23. / 69 Read more »

The market town that was 'England's capital' 300 years before LondonToday it is a quiet market town with a rich history and a castle that dates back to the 11th century
Source: nottslive - 🏆 96. / 52 Read more »

Navigating the capital drought on London's junior marketAltona Rare Earths battles on despite constraints
Source: MiningOnline - 🏆 117. / 51 Read more »