Complaints against unregulated investment scheme InvestUS rise

210 clients represented

Hannah Godfrey
clock • 2 min read

There has been a sharp increase in enquiries from clients who have been mis-sold investments into unregulated scheme InvestUS, according to solicitors Anthony Philip James & Co (APJ).

APJ now represents 210 clients, double the number who were engaged in June, who the solicitor said could be due millions in compensation following the scheme's failure. The unregulated scheme purchased repossessed properties in Detroit, Florida and Chicago following foreclosures after the financial crisis. The properties were then renovated, let and sold on, with investors promised returns of 15% per year over three years. The largest loss reported by an individual client so far is £80,000, although many have lost significantly more after also investing in other failed schemes includi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Octopus Money: Why a Seccl-backed platform integration is for us

Octopus Money: Why a Seccl-backed platform integration is for us

'Technology and compliance acts as an anchor in the industry'

Sahar Nazir
clock 18 April 2024 • 1 min read
AJ Bell platform hits £80.3bn AUA as advised customers increase

AJ Bell platform hits £80.3bn AUA as advised customers increase

The firm recorded total advised customers of 165,000

Cristian Angeloni
clock 18 April 2024 • 2 min read
Women in Financial Advice Awards 2024: Two weeks to nominate!

Women in Financial Advice Awards 2024: Two weeks to nominate!

Awards ceremony on 6 November at London’s Marriott Grosvenor Square

Professional Adviser
clock 18 April 2024 • 1 min read