The Financial Services Authority (FSA) has won a £32m judgment against the individuals behind three land banking operations, although it has warned investors are unlikely to recover most of the money.
The High Court declared James Kenneth Maynard, Countrywide Land Holdings Limited and Plateau Development & Land Limited operated a collective investment scheme without authorisation and sold plots of land unlawfully to UK consumers. Regional Land and Countrywide were trading names used by Maynard. His Honour Judge Pelling QC banned Maynard for life from selling land for business purposes in the UK and ordered him and Countrywide to pay £31.9m to the FSA, while Plateau, now in liquidation, was instructed to pay £918,975. A bankruptcy order was also made against Maynard, who is now b...
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
