Accountancy firm Upton & Co have been told they must pay back over £4 million to investors after it was discovered they have been running unauthorised schemes.
The firm were running a program know as a ‘collective currency scheme’, this allowed investors to pool monies and invest in foreign exchange markets. However the FSA claimed that limited trading actually occurred meaning little cash was returned to investors.
Margaret Cole, Director of Enforcement and Financial Crime said:
"Operating a collective investment scheme is a serious business involving the management of a number of investments and requiring FSA authorisation.”
Adding:
"Upton had no business running one of these schemes and the firm risked millions of pounds of investors’ money – something you’d expect a firm of accountants to know better.”
Upton & Co started as in Wakefield 11 Years ago and offer business consultation alongside accountancy services, saying it prides itself on “delivering an unparalleled service to all clients, whatever their size or sector.”
The High Court also ordered Upton & Co to pay a further £840,000 in monthly instalments of £10,000.