High Court date for prop­erty in­vest­ment firms as watch­dog acts on scam claims

The Daily Telegraph - Business - - Business - writes Michael O’Dwyer.

◆ The City watch­dog has launched le­gal ac­tion against two prop­erty in­vest­ment com­pa­nies and their owner over claims they swin­dled vul­ner­a­ble bor­row­ers out of hun­dreds of thou­sands of pounds,

The Fi­nan­cial Con­duct Author­ity is de­mand­ing the re­turn of prop­er­ties to the al­leged vic­tims and the re­pay­ment of money it claims they lost as part of a scam. The watch­dog has se­cured an in­terim in­junc­tion to halt the firms’ ac­tiv­i­ties and freeze 17 homes worth about £3.9m. An­other £867,770 worth of the de­fen­dants’ as­sets have also been frozen.

The reg­u­la­tor is tak­ing civil pro­ceed­ings in the High Court against Lon­don Prop­erty In­vest­ments (UK) Lim­ited (LPI) and NPI Hold­ings Lim­ited, as well as Daniel Stevens, their owner and sole di­rec­tor, and his fa­ther An­thony Kafet­zis.

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