Between 2009 and 2013, consumers were persuaded to invest in rice farm harvests in Sierra Leone and in carbon credits intended to be generated from land in Sierra Leone, Brazil and Australia. The FCA launched legal action in July 2013.
Renwick Haddow, Marcia Hargous, Robert McKendrick were named by the FCA for their role in the scheme, although others were also involved.
The defendants unlawfully used false, misleading and deceptive statements to market the schemes to the public.
FCA enforcement and market oversight division executive director Mark Steward said: “This judgment should send a clear message to all of those who use corporate facades to sell dubious investments. We will do what it takes to hold them to account for their misconduct.
“We are acutely aware from experience that the risk to investors who deal with unauthorised firms is that most, if not all, investors are likely only to get a fraction of their money back.
“Consumers should recognise that there are huge risks involved when investing with unauthorised businesses.”
If the decision is not subject to further appeal by the defendants, the FCA can proceed to obtain monies from the Defendants to return to affected consumers. The FCA is currently seeking new injunctions restraining the assets of some of the defendants.
