SFO launches fraud probe into unregulated property scheme

The SFO said the Guernsey-based unregulated property company is "assisting" it with its enquiries. The investigation is primarily focused on three Stirling Mortimer Global Property funds which operated between 2007 and 2011; No.4 Fund Cape Verde; No.6 Fund Morocco; and No.7 Fund Cape Verde II. Stirling Mortimer's troubled unregulated collective investment scheme (UCIS) invested heavily in the Cape Verde islands in the run up to the financial crisis, when property development was booming. The funds have since dramatically fallen in value, after Stirling Mortimer struggled to find bu...