Thousands of investors put their pensions into London Capital & Finance, one of the companies that collapsed in January owing £236m.
The company advertised themselves as a low-risk ISA and told investors they would spread the funds across hundreds of companies. This sounded great to first time investors, however this was far from the truth and the fund did not qualify as an ISA, it was only invested in 12 companies and 10 of these companies were said to be ‘not independent’ from London Capital and Finance.
Some of the transactions seemed to be highly suspicious and had no commercial benefit to investors and much of the money ended with a small group of people connected to London Capital & Finance.
The rest of the money ended up all over the world with some in the Dominican Republic and Cornwall. They also loaned £840,000 to its parent company London Financial Group to buy a helicopter to sell to a US company for ‘quick profit’, only to find out that they just wanted to charter the aircraft, not buy it.
A more complex situation was with an entity called London Oil & Gas which is now in administration but owes London Capital & Finance £124m. Almost all of this money has been loaned out to other companies and is unlikely to be paid back.
There were many more investments made by London Capital & Finance of a similar nature where the money has not been returned.
What can we do to help these investors?
If you have invested with London Capital & Finance and as a result have lost your pension, we may be able to help you claim your money back.
Get in touch with us to find out more on 01903 868 251 or complete a simple enquiry form.
To see original article follow: https://www.bbc.co.uk/news/uk-england-47713230