UK regulator, the Financial Services Authority, said, in conjunction with the local police it executed search warrants on two premises in Poole, Dorset. No one has yet been charged.
Unauthorised collective investment schemes are not regulated by FSA or protected by the UK’s Financial Services Compensation Scheme. The funds cannot be promoted directly to the public and should be sold only to either experienced UCIS investors, high net worth investors, sophisticated investors or self-certified sophisticated investors.
