The FSA was granted interim injunctions in the High Court on 29 October against two firms of accountants, Dobb White & Co and Morris White & Co, which have offices in Leicester and Nottingham, and against two partners of both firms, Mr Shinder Singh Gangar and Mr Alan White. The injunctions, which will continue with their consent until trial or further order of the court, restrain all of them from undertaking financial services business (regulated activities) as set out in the Financial Services and Markets Act 2000. They are also restrained from disposing of, otherwise dealing with or diminishing the value of their assets. Carol Sergeant, Managing Director of the FSA, said:
"The FSA has been working together with the Serious Fraud Office and the Leicestershire Constabulary on this case.
"We are not concerned with whatever accounting services these firms may provide. However, our evidence suggests that Dobb White & Co, Morris White & Co, Mr Gangar and Mr White have not confined themselves to accountancy, but have been running what appears to be an unlawful investment scheme that has probably taken substantially in excess of $18 million from the public. By taking court action to stop their activities and freeze their assets, the FSA, working with the SFO and the police, has acted to protect the public while further investigations into their alleged activities continue.
"If people want to benefit from the protections of the UK regulatory system, they should check with the FSA whether or not a firm is authorised to accept their money or to advise them on how to invest it."
Investors in the apparent investment scheme are invited to send their contact details to Mrs Linda Bennett, Financial Services Authority, Enforcement Division, 25 The North Colonnade, Canary Wharf, London E14 5HS, or to email Linda.Bennett@fsa.gov.uk. The FSA will then contact them in connection with its investigation.
The Leicestershire Constabulary Economic Crime Unit is leading the investigation on behalf of the Serious Fraud Office and may be contacted by telephone on 0116 248 3151 or by fax on 0116 248 3141.
In November 1998 the FSA commenced proceedings under the Banking Act 1987 as a result of which Dobb White & Co, Mr Gangar and Mr White gave undertakings to the High Court not to accept deposits from the public in breach of that Act.
To check whether or not a firm is authorised to offer financial services, and if so what sorts of services it may offer, consumers can phone the FSA Consumer Helpline on 0845 606 1234.
