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Fraud crime victims reimbursed

Published on 23 Feb 2010 under category: legal

Victims of company share fraud will have approximately £270,000 returned to them after an investigation by the financial services standards body.

The Financial Services Authority (FSA)  investigated the company called Eduvest Plc after members of the public were cold-called from overseas by individuals claiming to sell shares in the company.

Some of the broking firms they claimed to work for included Rothman Capital, Bernam Shore and Investor Relations Corp.

Those contacted were instructed to pay into UK banks, though the shares proved worthless.

Margaret Cole, the FSA's director of enforcement and financial crime, said: "We are extremely pleased to be able to recover and return money to investors who have been persuaded to hand over their money as part of a share fraud scam. Such good news is rare for victims who deal with unauthorised firms, as the money usually disappears without a trace."

At the beginning of February, the FSA launched its Scamnesty initiative, in order to highlight the sharp rise in the number of scam victims last year.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.