THE FINANCIAL Conduct Authority (FCA) yesterday said it had charged eight men in connection with its long standing investigation into three land banking companies.
The eight, who have been bailed to attend City of London Magistrates court next month, have all been charged with conspiracy to defraud.
The case relates to three land bank companies, Plott UK, European Property Investments (EPI) and Stirling Alexander, which were originally investigated by regulators under the auspices of the Financial Services Authority.
Civil action was brought to wind up Plott in June 2011 and EPI in December 2012.
The three land banks, which divide land into smaller plots and sell it to investors in the hope values will soar, took in about £5m over a period of three years between 2008 and 2011, the FCA said.
The men charged have been named by the FCA as Scott Crawley, Daniel Forsyth, Ross Peters, Aaron Petrou, Ricky Mitchie, Dale Walker, Adam Hawkins and Brendan Daley.
Walker, a solicitor, is also charged with money laundering. Forsyth is also charged with providing false information to the FSA.