A suspected boiler room has had an unlimited worldwide asset freezing order placed upon it by the Financial Conduct Authority (FCA) after a High Court judge agreed that First Capital Wealth Limited (FCW) posed a serious risk to consumers.
The hearing took place at the High Court on Friday 15 November 2013. As well as the asset freeze (which prevents the firm from selling its assets) the court order also stops FCW from selling investments regulated by the FCA. Tracey McDermott, director of enforcement and financial crime at the FCA, said:"We have a statutory objective to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of the UK financial system. "Stopping boiler rooms and other investment frauds, who rip-off consumers and tarnish the reputation of honest, hardworking,...
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