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Collapsed London Capital and Finance operated 'Ponzi' scheme

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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.

 

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