Money News
City watchdog, the FSA (Financial Services Authority), has obtained an interim injunction at the High Court against Mr Christian Orpin, Mr Michael Vickery and Orpery Limited, of which they are the directors. The FSA believes that they were unlawfully accepting deposits without authorisation from the FSA.
The injunction will prevent Mr Orpin, Mr Vickery and Orpery Limited from accepting deposits. It also freezes their assets.
A total of 180 investors are thought to have paid in over £10 million to the scheme run by Orpin. The scheme was promoted by him under the name of PDS High Wycombe and was operated under the name PDS Business Finance. The watchdog says it's working to establish the value of Orpin's assets to determine whether there may be a shortfall against the liabilities to investors.
Investors paid money to Orpin (as PDS Business Finance) who in turn lent the funds to Orpery Limited to invest in properties. Investors deposited sums in multiples of £5,000 and were promised payments of £150 per month for up to six months, for each £5,000 invested, plus the return of their deposit.
Because neither Orpin nor Vickery or their company Orpery Limited have ever been authorised by the FSA, investors may not claim compensation from the Financial Services Compensation Scheme or make a complaint to the Financial Ombudsman Service.
07 December 2006 © Moneyextra.com
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