The FSA has obtained a permanent injunction against unqualified accountant and bookkeeper Alan Evitts, preventing him illegally taking deposits from investors.
The High Court heard that Evitts, from Glossop, Derbyshire, had illegally taken nearly £150,000 in deposits from potential investors and made a number of false and misleading statements.
The court order also prevents him from making future misleading or false statements in order to persuade people to give him their cash.
Evitts took deposits, some in excess of £10,000, from at least 14 investors, promising widely varying rates of return, ranging from tripling their money in 15 to 18 days to paying 20 per cent interest in 24 hours.
The regulator says it originally became aware of Evitts' activities in April last year and began an investigation. Evitts then signed an undertaking on April 24, 2002 not to take any further deposits, which he subsequently breached in September 2002, forcing the FSA to take out an urgent injunction restraining him from taking further deposits.
A permanent injunction was obtained on April 8. Since the initial action, Evitts has been declared bankrupt.
FSA head of department enforcement division Brian Dilley says: “Evitts preyed upon his clients by offering wildly exaggerated interest rates and telling lies to encourage them to lend him money. His activities have resulted in substantial losses for local people.”