The FCA has started proceedings against Park First Limited, its senior managers, including its CEO, and several other companies connected to the Park First group.
The financial regulator is seeking compensation orders, in favour of investors, in respect of losses they suffered in the Park First scheme.
The FCA has alleged the Park First scheme, which raised approximately £230m from 4,500 investors, involved an illegal collective investment scheme established to operate car park investments using funds from members of the investing public. The regulator also alleges that the scheme was promoted to the public using false or misleading statements.
These statements from the defendants were made to the effect that investors could realistically expect returns of 10% of their investment after three and four years, and 12% in years five and six. The FCA, however, has alleged the defendants had no proper basis for these statements, which were false or misleading.
The defendants also suggested that the investments were worth 25% more than the price for which they were being sold, based on independent valuations, though they were aware that the valuations were based on unrealistic returns.
The FCA is asking the Court to order the defendants to pay the FCA a just sum – for this to then be distributed among the investors who suffered losses as a result of the Park First scheme.
Four of the Park First companies involved in the scheme were placed in administration in July 2019.
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