Unregulated introducers ordered to pay nearly £17.5m restitution to consumers

The order was made on 7 August 2020, commanding Avacade to pay £10m to consumers, Alexandra Associates £750,000, directors Craig Lummis and Lee Lummis were each ordered to pay £2,500,000 and Raymond Fox, another director, £1,700,000. In a judgment dated 30 June 2020, the Court found that Avacade's and Alexandra Associates' activities were unlawful as they had engaged in the regulated activities of arranging and advising on investments, made unapproved financial promotions through their websites, promotional material and in telephone calls to consumers and made false or misleading stateme...