• Business

    Founder of London Capital & Finance marketer Surge targets poor for rentals

    The founder of Surge Financial, the marketing company responsible for putting thousands of investors into London Capital & Finance and Blackmore Bonds before they collapsed, is now running a business charging poor people high prices for rent-to-own household goods. Kerry Venn was chief operating officer at Surge, which used sophisticated marketing techniques on social media and Google to target sales literature often at elderly customers who now face the loss of most of their savings with the firms. She worked closely alongside Paul Careless, who later ran Surge and was arrested last year pending investigation into the collapse of LCF. Careless denies any wrongdoing. Surge did not handle client money…

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  • Business

    London Capital & Finance administrators sue 13 executives for £178m in case set to trigger further claims

    One of the biggest lawsuits against the alleged perpetrators of a retail investment scandal has been launched in the High Court with 13 businessmen being sued for £178 million over the alleged fraud at London Capital & Finance. The move, launched by administrators acting for the 11,600 people who bought bonds in LCF, is set to trigger a flurry of other legal actions over failed investments made by pensioners in other companies allegedly connected to aspects of the LCF scandal. These include investors who lost money on a big hotel scheme in the Dominican Republic called El Cuype and a Cornish holiday park, Waterside. High profile City businessman Simon Hume-Kendall,…

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  • Business

    London Capital & Finance investors relieved after court ruling opens route to compensation claims

    The FCA has claimed that LCF’s products were not regulated but investors disagree (Reuters) Investors who put their savings into collapsed mini-bond firm London Capital & Finance (LCF) expressed relief on Tuesday after a court ruling meant they may be entitled to compensation that regulators had denied them. A judge ruled that a judicial review could go ahead into the Financial Services Compensation Scheme’s (FSCS) decision not to cover the losses of thousands of LCF investors. The judge rejected the FSCS’s request for the case to be dismissed. Investors said they now saw “light at the end of the tunnel” after a two-year battle to get their money back in…

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