The High Court has given its consent to an order that will see funds held by a number of individuals and firms given to the FCA to pay back wronged consumers.
The High Court's order means Samuel and Shantelle Golding, Digital Wealth Ltd and Outsourcing Express Ltd will pay funds held by them to the FCA so it can resdistribute them to investors. The FCA said the schemes, which raised more than £15m from 1,000 individual accounts, purported to involve the online purchase of wholesale goods from China for onward sale. The schemes promised "unrealistically high returns", the regulator added - in some cases up to 100% of the amount invested. Of the £15m raised, £9.25m was paid out to investors as returns. The defendants reportedly spent around ...
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