The Financial Services Authority (FSA) today took action against two individuals suspected of providing financial advice when not authorised to do so and making misleading statements to investors.
With the assistance of the West Midlands Police, the FSA executed search warrants on three premises in the West Midlands and two individuals were arrested.
Nobody has been charged at this stage in connection with the FSA's investigation which is ongoing.
The FSA said it cannot comment further at this time.
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