Hundreds of people who lost money when they poured cash into land banking unauthorised collective investment schemes (UCIS) will share £2.5m after the regulator won a High Court challenge.
Between 2005 and 2010, about 800 people invested some £32.8m in UCIS established and operated by Countrywide Land Holdings, James Kenneth Maynard (trading as Regional Land and Countrywide Land Holdings) and Stephen Ronald Watkins (trading as Consolidated Land UK). These schemes involved the unlawful selling of plots of land, the Financial Conduct Authority (FCA) said. The FCA said it had recovered £2.5m from the liquidation of a related Panamanian company, Paradigm Consultancy SA, and this would now be distributed to the 573 qualifying investors identified by the FCA. FSA ...
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