The High Court has sentenced a man involved in four Unauthorised Collective Investment Schemes (UCIS) which lost investors £15m to six months in prison after he diverted assets which could have been used to repay investors.

The Financial Conduct Authority has urged people who invested in a number of unauthorised collective investment schemes (UCIS) involving ‘land banking’ to come forward to claim a possible refund from a £2.5m pot.

Manraj Virdee, the director of a firm running an illegal unauthorised investment scheme (UCIS), has been given a two year suspended prison sentence following a case brought by the FCA.

A convicted fraudster who spent millions on a lavish lifestyle - including a luxury home in plush Sandbanks and a Ferrari after conning investors out of more than £21m - has had a confiscation order against him increased from £1 to £31,905.33.