A group of investors are poised to bring legal action against the FSA for allegedly mismanaging, and losing, $17.5m of their money.
The Cameron Farley Action Group represents investors who lost money when the FSA wound up the activities of investment firm Cameron Farley, which was taking deposits illegally. They allege the FSA failed to secure funds already on the forex house's Gain Capital trading platform when it issued a "freezing and arrestment" order on Cameron Farley in September 2008 and seized all assets and monies held by the firm. In doing so, the group alleges the FSA presided over the loss of a large percentage of investors' funds. Grant Thornton was appointed by the court as liquidator on October...
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