The Financial Conduct Authority (FCA) has started legal proceedings in the High Court against an unauthorized investment firm, Argento Wealth Ltd (AWL), and its only director, Mr Daniel Willis. The purpose of the case is to recover money for the victims of the company’s illegal activities.
The FCA accuses AWL of taking approximately £2.8 million in illegal deposits under loan agreements or as part of an unauthorized collective investment scheme, arranging approximately $9 million in investments in EMB Fund Limited, and violating restrictions on financial promotions. The regulator also claims that Mr Willis was aware of and involved in these illegal activities.
Financial Conduct Authority Believes AWL Is Insolvent
The Financial Conduct Authority (FCA) claims that AWL and its director, Mr Willis, have failed to demonstrate a credible plan for repaying the money borrowed from both individual investors and EMB, rendering the company insolvent. To protect the 13 direct victims and others affected by AWL’s unauthorized investment promotions, the FCA has taken action to freeze the company’s remaining assets and Mr. Willis.
A date for the restitution order has not yet been set, and the FCA is seeking to resolve all matters as quickly as possible. However, the legal proceedings will take time, and it will only be possible to return funds to investors once they are successfully concluded. The FCA advises all persons who invested money with or through Argento Wealth to seek independent legal advice.
Always Engage With Only FCA Approved Service Providers
The FCA alleges that AWL is not authorized to offer financial services in the UK, which is a requirement for almost all firms in the industry. The public is advised to verify the authorization status of a firm or individual by checking the FCA’s list. It is recommended to only engage with financial services providers that have been authorized or registered by the FCA.
In conclusion, the FCA is taking a firm to court over allegations of illegal activity, seeking to recover money for victims and protect investors. The regulator has frozen the firm’s and its director’s remaining assets and has warned investors of likely significant losses. A date for the restitution order has not been set, and the FCA is working to resolve the matter as quickly as possible.