There has been a sharp increase in enquiries from clients who have been mis-sold investments into unregulated scheme InvestUS, according to solicitors Anthony Philip James & Co (APJ).
APJ now represents 210 clients, double the number who were engaged in June, who the solicitor said could be due millions in compensation following the scheme's failure. The unregulated scheme purchased repossessed properties in Detroit, Florida and Chicago following foreclosures after the financial crisis. The properties were then renovated, let and sold on, with investors promised returns of 15% per year over three years. The largest loss reported by an individual client so far is £80,000, although many have lost significantly more after also investing in other failed schemes includi...
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