The Financial Conduct Authority (FCA) has urged individuals who lost money in a South Wales Ponzi scheme to get in touch to claim their share of recovered funds.
The FCA said it has approximately £100,000 left in funds it recovered from individuals associated with the Churchgate Trading Syndicate to distribute to five investors who have not claimed their share. The FCA has already distributed funds to 93 victims it was able to trace. Between June 2009 and February 2011, Stuart Mudge and Anthony Lewis ran the Churchgate Trading Syndicate in Newport, South Wales. According to the FCA, the syndicate was a Ponzi scheme in which investors were paid returns from other investors' money, but the syndicate claimed the returns were from loans and spread be...
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