A landbanking firm has been issued with a winding up order by the high court after the Financial Services Authority (FSA) found it had been marketing plots of land as an investment opportunity and operating an unauthorised collective investment scheme.

Between May 2009 and April 2011, Plott UK Limited collected about £3.9m from UK consumers, promising investors returns of between 200% and 300%. But at least one of the plots was located in a designated area of outstanding natural beauty and was highly unlikely to ever receive planning permission.

(Via the Guardian. To read the full story, click here)
(See also Watchdog targets landbanking firm at the BBC)


Tweet