5 Suspects in Unauthorized Investment Scheme Arrested

Jack Humphrey, Regulatory journalist
November 18, 2011 /

The Financial Services Authority (FSA) has taken legal action against five individuals suspected of involvement in land banking by way of an unauthorised collective investment scheme.

With the assistance of the City of London Police, the FSA executed search warrants on nine premises in Kent and Greater London and five individuals were arrested.

Nobody has been charged at this stage in connection with the FSA’s investigation, which is ongoing.

The FSA does not regulate land as an investment but collective investment schemes, including those concerning land, are subject to regulation.

The FSA refused to comment further at this time.


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