The Financial Conduct Authority (FCA) has commenced court proceedings against an unauthorised investment firm in order to recover money for victims of the firm’s unlawful activity.

Argento Wealth Ltd (AWL) and its sole director, Daniel Willis, are alleged to have unlawfully taken approximately £2.8m as deposits under loan agreements as part of an unauthorised collective investment scheme.

The FCA has also alleged that Willis and the firm unlawfully arranged investments in EMB Fund Limited (EMB) totalling an estimated US$9m, as well as breaching the restrictions on financial promotion.

Investors who lent money to AWL are likely to suffer “very significant losses”, the FCA stated.  It did not give exact figures, but the regulator warned that AWL’s remaining assets appear to be “far below” what would be required to return all investors’ money.  

A statement from the regulator said: “The FCA considers that AWL and Willis have failed to produce credible evidence that AWL can repay the funds borrowed from both retail investors and EMB, plus the interest due, and AWL is therefore insolvent.”

No date has yet been set for the High Court trial concerning the restitution order and while the FCA indicated it is seeking to resolve all matters as quickly as possible, it warned “the legal proceedings will take time”. 

“Only after they are successfully concluded will it be possible to return such funds as can be recovered to investors,” the regulator added. “All persons who invested money with or through AWL should seek independent legal advice.”

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