FSA probes SIPP firm as directors arrested for fraud

An investigation was brought about after investors claimed the firm had defrauded them of £20m through the promotion of unregulated collective investment schemes (UCIS) through a SIPP. Earlier in March, property firm Arck LLP, with which HDA shares directors, went into liquidation. Arck promoted property investments in Cape Verde and Canada, and advertised investment in these locations through HD's SIPP scheme, which has 422 members. Katheryn Clark, director of Arck, is also an administrator at HDA and a trustee of the scheme, but did not declare this to the FSA, the regulator said...