SIB takes High Court action against firms

The High Court yesterday obtained agreements from two firms and two individuals not to undertake investment business in the UK. A third individual was ordered by the court not to conduct business.

The undertaking was given by David Rycott and his Anglo Scandinavian SL, Christopher Tomaszewski and Alexanders, an accountancy firm.

Anthony Lemon was ordered by the court not to undertake any investment business.

The court action followed an application by the Securities and Investments Board for an injunction against the five parties in respect of unauthorised investment business under sections 6 and 61 of the Financial Services Act.

If the five breach the interlocking judgment they will be in contempt of court and could be liable to a fine or imprisonment. They may contest the injunction via the civil courts.

According to a recent report Anglo Scandinavian is a Spanish company which allows investors to speculate on the foreign exchange markets.