Four people have been arrested as part of a Serious Fraud Office (SFO) investigation into collapsed mini-bond issuer London Capital & Finance (LCF).
The four individuals were arrested on 4 March in the Kent and Sussex areas, the SFO revealed today (18 March), and have since been released pending further investigation. In January, Finbarr O'Connell, Adam Stephens, Colin Hardman and Henry Shinners of Smith & Williamson were appointed joint administrators of LCF after it was determined to be insolvent. The month before, the Financial Conduct Authority (FCA) had directed LCF immediately to withdraw its promotional material on the basis the way in which it was marketing its bonds was "misleading, not fair and unclear". Among the re...
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