Overview

Three businessmen, who were found guilty of breaches of the Financial Services and Markets Act 2000 further to carrying on regulated activities without being authorised or exempt persons, have been ordered to pay approximately £115m between them to the FSA in respect of these contraventions.

Whilst the FSA has welcomed the decision and considers the outcome to be a positive result, it is already warning investors that it is unlikely that the money owed to them by the Defendants will be repaid in part, or at all.

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