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Former Arck partners charged with fraud and forgery

Kathryn Clark and Richard Clay have been bailed to appear at Westminster Magistrates’ Court on 29 November.

Two former partners of collapsed property investment vehicle Arck have been charged with fraud and forgery by the Serious Fraud Office and Nottingham Police.

Kathryn Clark and Richard Clay allegedly created and marketed various unregulated financial products which they made available to individual investors through IFAs.

Around £60m was invested in these products.

The charges against Clay and Clark relate to fraud by misrepresentation and forgery offences. Both have been bailed to appear at Westminster Magistrates’ Court on 29 November.

In a statement issued last week, the SFO said: “Two former partners of Arck LLP, Kathryn Joy Clark (51) from Nottingham and Richard Aston Clay (48) from Leicestershire, have been charged with fraud and forgery offences by the Serious Fraud Office and Nottinghamshire Police. 

“Between 2006 and 2012 Clark and Clay allegedly created and marketed various unregulated financial products which they made available to individual investors through regulated independent financial advisers.

“It is estimated that approximately £60m was invested in these products by individual investors and, in some cases, IFAs themselves.”

Money Marketing first revealed investors were facing huge losses as a result of the failure of Arck in March last year.

Plan Money director Peter Chadborn says: “This will not be the last case of this kind we will see. The most frustrating thing is good advisers who do proper due diligence will be forced to pick up the bill.”

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