London Capital and Finance PLC (in administration) and Anor v Thomson and Ors

Feb 26, 2024

London capital and Finance Judgment

We’re keeping a close eye on developments in London Capital & Finance PLC (in administration) and Anor v Thomson and Ors.

Proceedings began last week into LCF and the ponzi scheme that led to one of the biggest investment firm failings in recent years. The trial, which is expected to last 20 weeks, will explore how LCF misled over 11,000 investors into purchasing almost 17,000 bonds. The mini-bond scandal has not only cost investors £237 million, but it’s also left the tax paying public with a compensation bill of £120 million.

Earlier this month, Floris Jakobus Huisamen, a former LCF boss, who oversaw risk and compliance at LCF was found to have negligently approved promotions without due scrutiny. As a result, he’s been issued with a hefty fine and a ban from working in the financial services sector.

Leverets will be monitoring developments in the case and will report on their implications.

#financialcrime #insolvencylaw

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