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Arck boss handed 10-year sentence for £50m fraud

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Former Arck partner Richard Clay has been sentenced to 10 years and 10 months in prison for his part in a £50m fraud.

His fellow ex partner Kathryn Clark was handed a two year suspended sentence.

In December 2014, Clay pleaded guilty to three fraud charges following a joint investigation by the Serious Fraud Office and Nottinghamshire Police.

Clark pleaded guilty in July and October 2014 to three fraud charges and two counts of forgery.

In 2012 Money Marketing revealed how investors faced losses of around £50m after the liquidation of Arck, a specialist property investment firm that invested pension savings through Sipp firm HD Sipp.

The pair were due to be sentenced in February, but the case was subject to delays.

In March, Clark was banned from directorship for 14 years, while Clay was banned for 15 years.

In March 2014, Yorkshire Bank – which provided banking facilities to Arck investors – set up a scheme to support 700 investors who lost money.

The Financial Services Compensation Scheme is still considering claims against advisers in relation to Arck.

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  1. Why is the FSCS considering claims against advisers who recommended Arck products in the wake of their failure due to criminal activities about which they [advisers] could hardly have been expected to know? Ah ~ due diligence.

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