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FCA sues Park First and directors amid fears for £230 million of investors' money

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he Financial Conduct Authority today launched a legal action against the bosses of a Gatwick airport carpark investment scheme that collapsed after raising £230 million from thousands of savers.

Yesterday, it was revealed that investors were suing Park First and its controversial founder Toby Whittaker for fraud and today the FCA launched a separate action alleging the scheme made “false and misleading statements” in its promises to potential investors.

A total of 4500 largely elderly investors put money into the scheme, many of whom also lost money with London Capital & Finance.

A large number of them used their self-invested personal pensions to buy the product, which involved buying car park spaces at Gatwick and Glasgow airports then leasing them back to the company in return for high rates of return.

https://uk.finance.yahoo.com/news/fca-sues-park-first-directors-094900289.html?guccounter=1

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