The Financial Conduct Authority (FCA) has banned six individuals who orchestrated a property investment fraud from carrying out any regulated activity.
The six have already been convicted of a range of offences, including conspiracy to defraud, possessing criminal property and carrying out an authorised activity without authorisation, and received prison sentences totalling more than 30 years.
Scott Crawley, Daniel Forsyth, Adam Hawkins, Ross Peters, Aaron Petrou and Dale Walker were found to have operated unauthorised investment schemes through three companies: Plott UK, European Property Investments and Stirling Alexander – which led to more than 100 investors collectively losing almost £4.3m.
Between them, these individuals were convicted of offences including:
· breaching, or aiding and abetting the breach of, the general prohibition (the carrying on or purported carrying on of a regulated activity without authorisation or exemption)
· possessing criminal property
· conspiracy to defraud
· providing information knowing it to be false or misleading
In addition, the six men have been prohibited from holding company directorships.