Good news for investors in unregulated land bank scheme
UK watchdog managed to recover some money nearly a decade after first taking regulatory action
Land Banking
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Land banking victims to get some of their money back
While UK Insolvency Service warns about fraudsters impersonating its members of staff
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Aussie regulator seeks wind up order for land banking scheme
As part of its ongoing investigation into land banking schemes, presumably on the back of the LMIM scandal, the Australian financial regulator has started legal action to wind up a scheme in which at least 82 people invested around A$800,000 (£488,212, $640,123, €546,859).
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UK fraudsters fined £2m over property scam
A long-running investigation by the UK’s Financial Conduct Authority (FCA) has finally ended after eight men were convicted and fined over £2m (€2.3m, $2.5m) for running a property scam which conned investors out of more than £4.3m.
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Singapore investors report N America property scheme to police
Five Singaporeans, including two people in their 70s, who invested in a company offering attractive returns on real estate investments in the US and Canada, have reported the company to the police.
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Two directors handed lengthy bans for worthless land scam
The directors of two companies have been banned for a total of 26 years for selling worthless land as an investment, in a scam that netted £2.2m ($2.7m, €2.5m) of which the directors retained £1.3m in commissions.
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Bogus UK land bank ordered to pay £21m after losing appeal
A British land bank scam which sold investors small plots of land at hugely inflated prices has been ordered to pay its victims £21m ($30.1m, €26.5m) after losing a Supreme Court appeal which challenged an earlier ruling, the Financial Conduct Authority (FCA) has revealed.
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Australian regulator cracks down on land bank schemes
Australia’s main financial regulator is seeking to wind up two land banking schemes as part a crackdown on the real estate investment vehicles.