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The Financial Services Authority (FSA) has obtained an interim injunction at the High Court against UK-based Treadstone Corporation Ltd and its director Mr Thedfred Lemont Shepherd because it believes they are operating unlawfully by promoting and selling shares to UK investors without authorisation from the FSA. This action is to stop Treadstone and Mr Shepherd from continuing these activities. It also freezes their assets and other assets under their control up to £500,000. The FSA is continuing its investigation and asks anyone who has dealt with Treadstone, Mr Shepherd, or salespersons acting on their behalf, to call the FSA's Consumer Contact Centre on 0845 606 1234 to help with enquiries.
It appears that since May 2006, Treadstone and Mr Shepherd have arranged cold calling of UK investors to persuade them to buy shares which may have been issued by a Finnish company called Tramigo Limited. The FSA believes that over 150 investors have paid in excess of £400,000 for such shares.
A further hearing has been set at the High Court on Friday 13 October where Treadstone and Mr Shepherd will have the opportunity to oppose the FSA's action.
Treadstone and Mr Shepherd, who is believed to operate under the name of CJC Management, used an address on the Strand in London as a mail forwarding facility. Investors who agreed to purchase shares were asked to send cheques for payment into the client account of Acton-based accountants Gambrill & Co. Gambrill & Co subsequently transferred money on to various destinations at Mr Shepherd's instructions.
Because neither Treadstone nor Mr Shepherd are authorised by the FSA, investors may not claim compensation from the Financial Services Compensation Scheme or make a complaint to the Financial Ombudsman Service.
