Unregulated introducer Avacade is currently under investigation by the Financial Conduct Authority (FCA). This follows news that Avacade and Alexandra Associates transferred around £86m in pension pots.
According to the FCA, the two introducers transferred at least £86m. This amount was held between more than 2,000 consumers.
The FCA took action against the firms last November. They allege that the firms made misleading statements and carried out regulated activities without FCA approval. The FCA also claim the introducers made unapproved financial promotions.
Free pension review
The introducers mainly contacted consumers by cold calling. They offered a free pension review, which is common in pension scams.
Clients were then recommended the unsuitable scheme. They were convinced to transfer their pension into unregulated InvestUS. After the scheme’s failure, pension pots were at risk.
Avacade and InvestUS
We represent over 200 clients who lost money following Avacade’s advice.
The InvestUS scheme purchased repossessed properties in Detroit, Florida and Chicago. They bought the properties following foreclosures after the financial crisis. The properties were then renovated, let and sold on. Investors were promised returns of 15 percent per year over three years.
Clients invested an average of £243,000 each in property scheme InvestUS. Following the investment, the scheme failed. We are now seeking compensation on their behalf.
Our litigator Glynn Taylor said: “We have recently seen huge growth in the number of clients contacting us about investments into InvestUS. Had our clients known the high-risk, non-standard nature of InvestUS, they would not have invested in the scheme.”
If you invested through Avacade or Alexandra Associates, your pension pot may be at risk. Get in touch today for advice and support on a no win, no fee basis. Our team of expert litigators can offer help with no obligation.