• From The BBC:

    The Serious Fraud Office (SFO) is investigating the disappearance of up to £103m of clients’ money at the insolvent investment company Keydata.Keydata was put into administration by the Financial Services Authority (FSA) in early June. But the administrators PwC have discovered that some investors’ money has been put into assets that have now gone missing. About 5,500 people are affected, with others unable to withdraw their cash. “The FSA is now working closely with the administrators to reach a solution for investors as fast as possible and is also in discussions with the Serious Fraud Office about the potentially missing assets underlying some of these products,” said an FSA statement. “If it emerges that Keydata has caused customers to suffer a financial loss and cannot meet its liabilities, the Financial Services Compensation Scheme (FSCS) may be able to help,” it added. No paymentsKeydata, which has offices in London, Glasgow and Reading, specialised in selling “structured…

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    Posted by Jon @ 12:33 pm

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