The UK Financial Conduct Authority (FCA) has commenced High Court proceedings against unauthorised investment firm Argento Wealth Ltd (AWL) and its sole director, Mr Daniel Willis. The aim of the proceedings is to recover money for victims of the firm’s unlawful activity.
The FCA alleges AWL:
- unlawfully took approximately £2.8 million as deposits under loan agreements and/or as part of an unauthorised collective investment scheme;
- unlawfully arranged investments in EMB Fund Limited (EMB) totalling about US$9 million; and
- breached the restrictions on financial promotion.
The FCA further alleges that Mr Willis…