The Financial Conduct Authority has begun High Court proceedings in opposition to Concept Capital Group and others over alleged unauthorised shopper investments of greater than £23m in static homes.
The City regulator argues that London-based CCG invited buyers to put money in static homes, which had been then mentioned to be rented to social housing tenants positioned by native councils.
The watchdog provides: “Investors had been promised mounted returns and instructed the scheme was backed by the UK authorities, claims the FCA considers had been false or deceptive.”
It provides that the firm issued unauthorised monetary promotions and made false or deceptive statements, in breach of the Financial Services and Markets Act 2000 and the Financial Services Act 2012.
The FCA provides that alongside Ian Elliott, a director of CCG, Adrian Felix and hig firm Gateridge Consulting, Ayub Swaibu, Edmund Brew, Ernest Kargbo, and Raymondip Bedi and his firm Riverrun Consulting had been knowingly involved in CCG’s breaches.
CCG has given undertakings to the court which have the impact of freezing its property, pending the result of the trial or additional order of the court.
The regulator says it’s looking for restitution orders in favour of affected buyers, declarations of contraventions and injunctions to stop additional breaches.
