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