FSA to seek order over land bank schemes

By Nizar Manek, 11 February 2013
(Financial Times) --
The Financial Services Authority has said it will seek a court order to force the owners of two land investment companies to return at least £15m to savers who paid money into their unauthorised schemes.
On Monday, the regulator announced that it would try to recoup the money for investors, after the High Court declared that David Banner-Eve, Stuart Cohen, Asset Land Investments Plc and Asset L.I. Inc. had run an illegal “land bank”, by operating a collective investment scheme without FSA authorisation.
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