AIM IP specialist Tekcapital to sell or float all four portfolio companies 'within 2 years'. Watch the full video here

Less Ads, More Data, More Tools Register for FREE

LC&F-linked individuals sued for £178m over alleged fraud

Fri, 4th Sep 2020 13:03

(Sharecast News) - The administrators of London Capital & Finance are suing 13 people for £178m over an alleged fraud that used investors' money to buy horses, a helicopter and lifetime memberships to a private Mayfair club, the Financial Times reported.
Administrators at Smith & Williamson have told people linked to the collapsed investment company they are defendants in a lawsuit claiming LC&F's purpose was to defraud bondholders. More than 11,000 investors put £237m into LC&F before it failed in 2019.

Smith & Williamson alleges about £136m of investors' money went to the company's executives either directly or via loans to companies. The directors have denied wrongdoing.

The lawsuit alleges LC&F's founder Simon Hume-Kendall and his wife Helen received at least £24m of investors' cash and spent £250,000 buying memberships for Annabel's, a posh private members' club. The FT said Spencer Golding, a big shareholder in LC&F-linked companies, received almost £43m of shareholders' cash and used £1.2m to buy a helicopter.

A lawyer for the Hume-Kendalls told the FT they "strongly deny any wrongdoing" and a representative for Golding declined to comment to the FT.

LC&F is the subject of a Serious Fraud Office investigation. The Financial Conduct Authority has banned the marketing of risky "mini-bonds" to retail investors after the company's collapse.

More News

UPDATE 1-Soccer-Man United fight back for 3-1 win at Aston Villa

(adds detail, quotes)BIRMINGHAM, England, May 9 (Reuters) - Manchester United recovered to beat Aston Villa 3-1 away in the Premier League on Sunday as Bruno Fernandes, Mason Greenwood and Edinson Cavani scored in the second half to put on hold the t...

Today 17:22

Soccer-Man United fight back in 3-1 win at Aston Villa

BIRMINGHAM, England, May 9 (Reuters) - Manchester United fought back to beat Aston Villa 3-1 away in the Premier League on Sunday as Bruno Fernandes, Mason Greenwood and Edinson Cavani scored in the second half to put on hold the title celebrations o...

Today 16:05

UPDATE 1-EU has not yet ordered more AstraZeneca vaccines, says internal market commissioner

(Adds extra cost for Pfizer vaccine, background)PARIS, May 9 (Reuters) - hThe European Union has not yet made any new orders for AstraZeneca vaccines beyond June when their contract ends, European Internal Market Commissioner Thierry Breton said o...

Today 13:27

UPDATE 2-EU has not ordered AstraZeneca vaccines beyond June - Commissioner

(Adds Macron comments)PARIS, May 9 (Reuters) - The European Union has not made any new orders for AstraZeneca vaccines beyond June when their contract ends, European Internal Market Commissioner Thierry Breton said on Sunday, after the EU signed a...

Today 13:27

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.