…. another £6 million lost by investors
This is money today reported that a British businessman dubbed the ‘bling king’ is being investigated for money laundering and fraud after expats lost up to £6 million by investing in his companies.
Money Mail has spoken to a number of residents on the Costa del Sol who say Rhys Williams persuaded them to plough money into Dubai-based companies by offering fixed returns of 2% per month on their investments.
TailorMade Independent (TMI) was an unregulated company based in Cheshire and run by Alistair Burns who was fined and banned by the Financial Conduct Authority back in December 2016 for failure to provide suitable advice to clients and for failing to ensure effective management of conflicts of interest.
As of 25 April 2018, the Financial Services Compensation Scheme received and accepted 1,371 claims against TMI, with compensation totalling over £55.6 million. However, because of the £50,000 compensation limit, the FSCS was unable to cover all the losses, which totalled over £106.5 million.
