FCA commences High Court proceedings against Argento Wealth
The UK Financial Conduct Authority (FCA) has commenced High Court proceedings against unauthorised investment firm Argento Wealth Ltd (AWL) and its sole director, Mr Daniel Willis. The aim of the proceedings is to recover money for victims of the firm’s unlawful activity.
The FCA alleges AWL:
- unlawfully took approximately £2.8 million as deposits under loan agreements and/or as part of an unauthorised collective investment scheme;
- unlawfully arranged investments in EMB Fund Limited (EMB) totalling about US$9 million; and
- breached the restrictions on financial promotion.
The FCA further alleges that Mr Willis was knowingly concerned in this unlawful activity. The regulator considers that AWL and Mr Willis have failed to produce credible evidence that AWL can repay the funds borrowed from both retail investors and EMB (plus the interest due), and AWL is therefore insolvent.
The watchdog has obtained undertakings equivalent to interim orders freezing AWL’s/Mr Willis’ remaining assets. This action has been taken with the aim of protecting investors pending seeking final orders compensating approximately 13 lenders who lent money to AWL and many others harmed by AWL’s unlawful investment promotion.
Despite this, investors who lent money to AWL are likely to suffer very significant losses. Exact figures cannot be given at present, but AWL’s remaining assets appear to be far below what would be required to return all investors’ money.
No date has yet been set for the High Court trial concerning the restitution order. The FCA is seeking to resolve all matters as quickly as possible. But the legal proceedings will take time. Only after they are successfully concluded will it be possible to return such funds as can be recovered to investors.
All persons who invested money with or through AWL should seek independent legal advice.