FCA recovers £1.6m from alleged unlawful investment schemes

The FCA has secured court approval to obtain £1.6m from Argento Wealth Limited (AWL) and its sole director Daniel Willis, who promoted two alleged unlawful investment schemes.

The FCA previously commenced civil proceedings against AWL and Willis to recover investor funds linked to the firm’s alleged unlawful activity, with the regulator successfully securing undertakings which froze AWL’s and Willis’ assets.

The High Court has now approved a consent order, with the intention that the money is returned to investors in the schemes.

The FCA alleged that AWL unlawfully took approximately £2.8m as deposits under loan agreements and/or as part of an unauthorised collective investment scheme and arranged investments in EMB Fund Limited (EMB) totalling about US$9m which breached the restrictions on financial promotion.

The FCA alleges that Wills was knowingly concerned in this unlawful activity.

AWL and Willis have not admitted any of the FCA’s allegations that led to the proceedings, which began in June 2022, but have agreed to pay money to the FCA intended for the eventual distribution to investors.

Further court hearings are required to decide how and to whom the funds secured in this agreement should be distributed, which the FCA says "may take a significant amount of time".

The settlement agreed by the FCA was intended to prevent AWL and Willis’ remaining assets from being used up to meet ongoing legal and living costs.

Despite the settlement, the FCA admits that investors "will suffer very significant losses".