FCA bans two directors over £50m investment fraud
The FCA has today banned the directors of fraudulent property investment scheme Arck LLP from performing any regulated activity in the financial services industry.
.jpg?v=6c7e3a9d3f5664136b5bb71a191e544f "FCA bans two directors over £50m investment fraud")
In 2013, Richard Clay and Kathryn Clark were charged with dishonesty offences by the Serious Fraud Office and Nottinghamshire Police after investors lost a total of £50m.
In 2014, Clark pleaded guilty to two counts of forgery and three counts of fraud.
On 19 December 2014, Mr Clay pleaded guilty to three counts of fraud.
Mr Clay was sentenced to 10 years and 10 months’ imprisonment and Ms Clark was sentenced to two years’ suspended imprisonment for their offences.
The FCA concluded that both individuals "are not fit and proper to carry on any function in relation to any regulated activities".
In addition to banning Ms Clark, the FCA has also withdrawn her FCA approval in relation to HDA. Mr Clay was not an FCA approved person at HDA, nor has he been an FCA approved person since 2005.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Lloyds
Lloyds Banking Group launches £5,000 deposit mortgage
Mortgage Rates
Barclays relaunches sub-4% mortgage rate
FCA
FCA bans and fines director £755,000 for advice and insurance failures
Bank Of England
Bank of England holds interest rates at 3.75% in 8-1 vote
Mortgages
Mortgage affordability at tightest level since 2008: UK Finance
Nationwide
Nationwide cuts mortgage rates by up to 0.36%
