FCA takes action against unauthorised director it alleges took £2.8m

Breach of restrictions around financial promotion also a concern

Hope William-Smith
clock • 1 min read

High Court proceedings have begun against an unauthorised investment firm and its sole director the Financial Conduct Authority (FCA) alleges took £2.8m from investors.

The regulator said the individual, Daniel Willis, was knowingly concerned in unlawful activity as the sole director of London-based Argento Wealth (AWL). The FCA said the £2.8m may have been taken from victims as part of an unauthorised collective investment scheme and/or as deposits under loan. Willis also allegedly unlawfully arranged investments in EMB Fund Limited totalling $9m (£7.5m) breached the restrictions around financial promotion. "The FCA considers that AWL and Mr Willis have failed to produce credible evidence that AWL can repay the funds borrowed from both retail inv...

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