UK Serious Fraud Office gets 3,825 responses to LCF questionnaire
The UK Serious Fraud Office (SFO) has just provided a brief update on its investigation into London Capital & Finance (LCF).
On March 31, 2021, the SFO closed the LCF questionnaire, with 3,825 responses submitted.
“The SFO and the FCA would like to thank those victims who have taken the time to complete this lengthy questionnaire. We will contact you if we require more information from you or would like you to make a witness statement”, the SFO said.
Let’s recall that, the SFO, working in conjunction with the Financial Conduct Authority (FCA), is investigating individuals associated with LCF. The conduct relates to investments offered between 2013 and 2018. These investments were sold through Sales Aid Finance (England) Ltd (SAFE), which changed its name to London Capital & Finance Ltd in July 2015.
On March 4, 2019, four individuals were arrested in the Kent and Sussex areas. All four individuals have been released pending further investigation. On June 19, 2019, a fifth individual was arrested in Sussex and was also released pending further investigation.
On March 5, 2020, and December 15, 2020, two further individuals in the Kent area were interviewed for money laundering in connection with the LCF investigation.
On 22 March 2021, one further individual in the Kent area was interviewed in connection with Fraud and Money Laundering offences relating to the LCF investigation.
According to the latest update by the UK Financial Services Compensation Scheme (FSCS), the Scheme has now paid out just over £56.3 million in compensation to 2,878 LCF bondholders who held 3,815 LCF bonds. This compares with just over £50.9 million in compensation paid out to 2,584 LCF bondholders as per the update released in December 2020.