The FCA has begun High Court proceedings against three companies connected to a scheme involving consumer investments of more than £23 million in static homes.
According to the regulator, CCG promoted investments in static homes that were allocated to social housing tenants placed by local councils. Investors were told the scheme was backed by the UK Government and promised fixed returns, which the FCA considers false or misleading.
The FCA also alleges the scheme operated as an unauthorised collective investment scheme, with CCG participating in regulated activities in the UK without the required authorisation or exemption.
The Court has frozen the assets of Concept Capital Group (CCG), Ian Anthony Elliott, Adrian Felix, Ayub Swaibu, Edmund Brew, Ernest Kargbo, Raymondip Bedi, Riverrun Consulting and Gateridge Consulting pending the outcome of the trial or further order of the Court. No trial date has been set yet.
