FSA wins legal battle against illegal land banking scheme

David Banner-Eve and Stuart Cohen sold plots of land across the UK through their companies, with the promise that investors would make a significant return within two to three years when the land obtained planning permission and was resold. About 1,200 investments - with some paying between £5,000 and £25,000 for each plot - were told developers were already lined up for the sites. However, to date, no planning permission has been gained by Asset Land. Mr Justice Andrew Smith found that in giving evidence at the trial, Banner-Eve had been deliberately dishonest and that he knew about ...