A cleaning up process carried out by the Financial Services Authority (FSA) has resulted in partial refunding of investors who were deceived into parting with cash worth thousands of pounds.
Innocent investors were hounded by a string of cold calls from people who claimed to work for stockbrokers Rothman Capital, Bernam Shore, Bishop Capital and Investor Relations Corp. These credulous investors were asked to purchase shares in a company by the name Eduvest plc, with an assurance of considerable returns after depositing their payments into a UK bank account. The shares, however, turned out to be valueless.
Since the incident first cropped up, the FSA has, to date, recovered around £270,000, after charging the deceitful companies with share fraud. The organisation added that the matter was still being investigated.
Margaret Coles, Director of Enforcement and Financial Crime, FSA, expressed satisfaction over being able to help some of the distressed investors. She added that such recoveries are not common news for victims who contract with unlawful firms.
