A former partner of unregulated property investment Arck LLP has pleaded guilty at Southwark Crown Court to three fraud charges brought by the Serious Fraud Office (SFO).
Richard Aston Clay pleaded guilty to the charges related to the investment scheme the SFO branded a "scam". Clay 's business partner Kathryn Clark pleaded guilty in July and October this year to three fraud charges and two counts of forgery. The investigation concerned the creation and marketing of unregulated financial products which were made available to individual investors through financial advisers between 2006 and 2012. It is estimated that approximately £50m was invested in Arck products by individual investors and, in some cases, advisers themselves. SFO joint head of f...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
