Securetrade & Title Company Limited has been shut down for assisting unauthorised overseas firms, or ‘boiler rooms', which were unlawfully promoting and selling shares to UK investors.
The High Court placed the company into liquidation as a result of a winding-up petition presented by the Financial Services Authority (FSA). The FSA told the court Securetrade & Title (STT), based in East Sussex, had arranged investment deals without authorisation under the Financial Services & Markets Act 2000. It believes around 500 investors, paying a total of £4m, arranged share purchases through STT. The FSA found the company acted as an ‘escrow agent’ to several boiler rooms, including one based in Barcelona called Black & White Investments SL. Once the boiler rooms had cold-c...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
