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FSA acts against accountants

The FSA has taken action in the High Court against two accountancy firms it believes have been running unlawful investment schemes which have taken more than £11.6m from UK investors.

The regulator has been granted interim injunctions against Dobb White & Co and Morris White & Co, and the two partners of both firms, Mr Shinder Singh Gangar and Mr Alan White.

Both firms have offices at Lyn House, 39 Parade, Oadby, Leicester. Dobb White also has offices at 139 and 141 Station Road, Beeston, Nottingham.

The injunctions, which remain in place until trial or further order of the court, prevent them from undertaking financial services business. Both partners are also restrained from disposing of or otherwise dealing with or diminishing the value of their assets.

The move comes after a joint investigation by the FSA, Serious Fraud Office and the Leicestershire police. They found that, in addition to providing accountancy services, which both firms are authorised to do, they appear to have been running an illegal investment scheme which has attracted more than £11m.

The FSA took action against the two partners in 1998 after they ran what is believed to be a similar scheme which took in more than £9m. However, further action was averted when the partners paid back the money in 1999.

FSA managing director Carol Sergeant says: “By taking court action to stop their activities and freeze their assets, the FSA, working with the SFO and the police, have acted to protect the public while further investigations into their alleged activities continue.”

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