FCA secures freezing orders to stop private bank clone

The FCA discovered a cloned firm was operating under the name Joh. Berenberg, Gossler & Co. KG. This cloned firm has no association with the genuine firm, which is based in Threadneedle Street and is authorised by the FCA. At two hearings on 5 and 11 September, the FCA secured interim injunctions and freezing orders from the High Court in relation to the cloned firm. The effect of the orders prevents those operating the clone from promoting and selling shares pending further investigation by the FCA. The FCA has frozen some money which is believed to derive from consumers who we...