“I am delighted that the FSA is taking action to bring the dodgy dealings of UKLI to an end.
“As I raised with the FSA back in May of last year, there were a whole array of serious financial irregularities in the way in which UKLI was conducting its business.
“It has taken some time but finally UKLI will not be able to take any more money from unsuspecting investors, many of whom put their life savings into these types of scheme in the hope of a substantial return which never materialises.
“However, the problem of land banking does not stop with UKLI, the whole industry should come under much closer financial scrutiny.”
(Via Liberal Democrat press release)
(See also: Greg Mulholland writes to UKLI; 3 December 2006)
Update: Listen to Mr Mulholland on BBC Moneybox, broadcast 7 June 2008.
An FSA spokeswoman confirmed that operating an illegal investment scheme would be covered under criminal offences in the UK but declined to comment on whether any criminal investigations or charges had been made in relation to UKLI.
(Via The Times Online. To read the full story, click here)
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