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On June 16, 2016, following investigation by the FCA, five
persons appeared in a UK court charged with conspiracy to defraud,
together with offences under the Financial Services and Markets Act
2000 and the Fraud Act 2006. Two of the five accused have also been
charged with perverting the course of justice and one has been
charged with money laundering offenses contrary to the Proceeds of
Crime Act 2002. The offenses relate to the promotion and sale of
shares in Atlantic Equity LLC (formerly known as Berkley Brookes
LLC), between July 2013 and March 2014. This was achieved through a
succession of four alleged "boiler room" companies, all
of which traded from the Docklands area of London. The FCA alleges
that the defendants promoted investment schemes that offered
investors interests in a supposed commercial development in Madeira
in which a total of 175 investors may have potentially lost
approximately £2.75 million.
Following the hearing, a trial has been set for September 4,
2017.
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