As regular readers will be aware, I have been keeping any interested investors who were subject to the Park First investment scam (see our blog post) abreast of developments in the situation based on news from the UK.
Last week, news came to light that the Financial Conduct Authority, the UKs’ financial regulator, were close to agreeing a settlement on the Park First scandal with the owners of the outfit.
It seems that although there is no concrete news about what exactly this means for those who invested in the fund, it could prove to be some good news in terms of being recompensed at least some of the money invested.
According to industry reports, the fund grew to around £230m from around 4600 investors, and land for car park sites next to major airports was secured in cities such as Glasgow and London. The fund began to be investigated by the FCA back in 2016.
In 2019, the FCA sought to force Park First to reimburse those clients who wished to exit their investments, but that request reached a legal impasse, amid the Park First Corporations entering into bankruptcy.
The FCA, last week, commented “In this complex case we have taken civil enforcement action alleging serious breaches of the Financial Services and Markets Act.”
“We are committed to ensuring that those running the firms account for their misconduct, including paying compensation to victims.”
AVC will, of course, aim to report latest news on this as they come to light.