Regulator charges four over water scheme which defrauded investors out of £3.9m
The FCA charged them with offences including multiple counts of conspiracy to commit fraud by false representation, while Sweeney and Simmons are also charged with money laundering allegations.
Four men have been charged by the financial regulator over an alleged water fraud and will appear in court next month.
The Financial Conduct Authority said Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell were formally accused of a number of crimes in a statement this morning.
It charged them with offences including multiple counts of conspiracy to commit fraud by false representation, while Sweeney and Simmons are also charged with money laundering allegations.
The FCA said the four allegedly ran an unauthorised investment scheme that defrauded investors of £3.9m.
It also alleges that between May 2015 and July 2019, they conspired to defraud through two companies, called Hanover Merchant Capital UK Ltd and Liberty House Capital Ltd.
This was done by misleading investors about their returns, convincing them their money would go towards extracting water and bottling it.
The four men will appear before Westminster Magistrates’ Court on 3 April.
