FCA gets consent to recover investor funds from Argento Wealth

The High Court has approved a consent order allowing the FCA to proceed with its application for £1.6m investor funds to be returned by Argento Wealth Limited and its sole director, in relation to 2 allegedly unlawful investment schemes. The FCA has alleged the firm unlawfully took around £2.8m in deposits under loan agreements or as part of an unauthorised collective investment scheme and arranged about $9bn of investments in another fund in breach of the financial promotion restriction.

The company and its director have not admitted any of the allegations, but have agreed to pay money to the FCA intended for eventual distribution to investors. There will be further meetings to decide how this should take place, but the FCA pushed for the settlement to prevent all of the remaining assets being used up in ongoing legal and living costs.

Emma Radmore