FSA forces bankruptcy on unauthorised CIS mastermind

Darren Upton ran the firm Upton & Co Accountants Ltd, which was not authorised by the FSA, and operated a (CIS) known as the ‘Currency Plan', promising investors high rates of return. Over £4.8m was handed over by investors and was supposed to be used to invest in foreign exchange markets, although in reality there was limited trading and very little money was returned. Last year, the FSA recovered £3.6m to hand back to investors and came to an arrangement with Upton to repay a further £840,000 in 84 monthly payments of £10,000 each. However, Upton only made five payments, meaning ...