With the assistance of the West Midlands Police, the FSA executed search warrants on three premises in the West Midlands and two individuals were arrested.
Nobody has been charged at this stage in connection with the FSA’s investigation which is ongoing.
Under the Financial Services and Markets Act 2000 (FSMA), providing financial advice or arranging deals in investments when not authorised to do so by the regulator is punishable by fine or up to two years in prison.
Also under provisions in FSMA making misleading, false or deceptive statements is an offence punishable by fine or imprisonment of up to seven years.