FSA acts to halt unauthorised deposit-taker
5th December 2006The Financial Services Authority (FSA) has obtained an interim injunction at the High Court against Mr Christian Orpin, Mr Michael Vickery and Orpery Limited, of which they are the directors. The FSA believes that they were unlawfully accepting deposits without authorisation from the FSA.
The injunction will prevent Mr Orpin, Mr Vickery and Orpery Limited from accepting deposits. It also freezes their assets.
A total of 180 investors are thought to have paid in over 10 million GBP to the scheme run by Mr Orpin. The scheme was promoted by Mr Orpin under the name of PDS High Wycombe and was operated by him under the name PDS Business Finance. The FSA is working to establish the value of Mr Orpin's assets to determine whether there may be a shortfall against the liabilities to investors.
Investors paid money to Mr Orpin (as PDS Business Finance) who in turn lent the funds to Orpery Limited to invest in properties. Investors deposited sums in multiples of 5,000 GBP and were promised payments of 150 GBP per month for up to six months, for each 5,000 GBP invested, plus the return of their deposit.
Because neither Mr Orpin nor Mr Vickery or their company Orpery Limited have ever been authorised by the FSA, investors may not claim compensation from the Financial Services Compensation Scheme or make a complaint to the Financial Ombudsman Service.
The FSA's investigation is continuing.
