RadcliffesLeBrasseur, led by partner Anil Rajani and assisted by Safwan Afridi, and counsel, Tim Aron of Outer Temple Chambers, act for three of the defendants in an ongoing claim brought by the Financial Conduct Authority (FCA).

Prior to our involvement, the court determined as a preliminary issue that the investment schemes operated by the defendants fell within the definition of ‘collective investment schemes’ as per s. 235 Financial Services and Markets Act 2000 (FSMA).

An appeal brought by the defendants in 2015 was dismissed.

The index case relates to the FCA’s claim that the defendants:

  • acted in breach of the general prohibition by making arrangements for investors to invest in Collective Investment Schemes, and
  • were knowingly concerned with the contravention of the general prohibition, sections 21 and 397 of FSMA in promoting and/or establishing and/or making arrangements for investors to invest and/or operating the schemes and/or making false, misleading or deceptive statements in respect of the schemes.

This is an extremely complex and nuanced matter requiring detailed examination of multi-area evidence.

The trial ran for almost three weeks in front of a High Court Judge in The Rolls Building, London. It will resume later this month (August 2017).

Judgements

  • Financial Services and Markets Act 2000
  • Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544