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The Financial Conduct Authority have won a case against Xcore Capital Limited.

At a High Court ruling, the Financial Conduct Authority won a case against unauthorised investment firm, Xcore Capital Limited and Managing Director of the company, Jonathan Chitty. Xcore and Jonathan Chitty must now pay just under £1 million to the FCA to be re-distributed to investors.

The Royal Court of Justice

The firm was found to have carried out an unauthorised investment scheme that promised investors 6% annual return to investors who were told their money would be traded in equity markets and foreign exchange.

After taking at least £1 million off of investors, the money was used to fund an office in Mayfair, brokers wages and Jonathan Chitty's personal spending such as £102,000 on Cryptocurrencies, £24,000 on a Rolex watch, £58,000 on luxury goods and £20,000 towards his wedding.

The ruling means that Mr Chitty/Xcore must pay the FCA £917,231, which is the full amount of all outstanding sums owed to consumers, the FCA will distribute the money recovered from Mr Chitty and the scheme.

Mark Steward, Executive Director of Enforcement and Market oversight at the FCA stated that the prompt action of the FCA stopped the scheme in its tracks and prevented further losses.

A freezing order has been obtained against Xcore and Mr Chitty's assets as well as an injunction to stop the scheme selling investments regulated by the FCA.

To find out about how we could help with any failed investments you have been mis-sold, call 01903 868 251.

This article's information was sourced from: https://www.ftadviser.com/regulation/2019/05/22/fca-wins-case-against-unauthorised-investment-firm/?utm_campaign=FTAdviser+news&utm_source=emailCampaign&utm_medium=email&utm_content=

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The Claims Bureau Limited are a claims management company. You do not have to use our service as you are entitled to make a claim yourself for free, either to the person against whom you wish to complain or to the relevant statutory ombudsman (The Financial Ombudsman Service or The Pension Ombudsman Service), or the statutory compensation scheme (The Financial Services Compensation Scheme) if it falls within their remit, providing where applicable you have approached the company in question first.


The Claims Bureau, a limited company registered in England & Wales (registered number 08075880), registered at the above address). The Claims Bureau Limited is authorised and regulated by the Financial Conduct Authority (see the FCA register at www.fca.org.uk/register/ Reference 830392). The Claims Bureau is registered with the ICO (Z3299040).

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