Former Arck partners Richard Clay and Kathryn Clark are facing six charges of fraud and forgery brought by the Serious Fraud Office and Nottingham Police.
Last week, the SFO confirmed Clark and Clay were facing criminal charges for allegedly creating and promoting various unregulated financial products which they made available to individual investors through IFAs. The SFO says around £60m was invested in these products.
The full list of charges were set out at Westminster Magistrates Court this morning. Clark and Clay have been bailed to appear before a judge at Southwark Crown Court on 13 December.
Between 16 January 2007 and 1 August 2011, Clark and Clay are accused of making representations to investors of the Estrela Santiago Sale and Repurchase Agreement Contracts, known as Sarps, which they knew were or might be misleading.
The duo have also been accused of making a false statement relating to funds held in the Yorkshire Bank account by suggesting it had a balance in credit of £13.75m when it was £25.87.
The third charge relates to fraud by false representation. Between 16 January 2007 and 1 August 2011, Clark and Clay are accused of making representations to investors which they knew were or might be untrue or misleading in relation to the Paradise Beach Sarps.
The fourth charge states that between 1 October 2008 and 3 March 2012, Clark and Clay falsified a signature related to a Paradise Beach Sarp.
Fifthly, between 16 January 2007 and 1 August 2011 Clark and Clay are accused of misleading investors of the Joyston Alternative Asset [No 4] Limited Offering Redeemable Preference Shares.
Finally, Clark and Clay are accused of creating a false life settlement policy analysis summary that purported to show the true investments made by Joyston. It is alleged that no such investments were actually made.