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Jailed after FSA action

A businessman posing as a

one-man bank has been jailed for contempt of court in High Court proceedings brought against him by the FSA.

John Edward Rourke of Colne, Lancashire has been found by the High Court to have accepted up to £300,000 in deposits and made false statements to persuade individuals to hand over money.

Rourke convinced customers the money would be invested in a scheme to buy repossessed properties. Rourke has never been authorised by the FSA to accept deposits.

He has been jailed for 20 days for breaching a court order made in April 2001 which said he must not accept or repay any deposits from members of the public.

The FSA advertised in the Yorkshire press in April to find witnesses for the case. It is hoping this case will highlight the serious view taken by the courts to protect depositors.

The FSA would like to hear from anyone who has had provided or been approached for money by Rourke. A criminal court case against Rourke

could still ensue.


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