Financial Conduct Authority v First Capital Wealth Ltd: suspected boiler room shut down

Dermot Woolgar, instructed by the Financial Conduct Authority, obtained from Norris J an unlimited worldwide freezing injunction, and orders restraining breaches of the Financial Services and Markets Act 2000 and the Financial Services Act 2012, against a company which was suspected of operating an unlawful "boiler room" in the City of London. First Capital Wealth Ltd, which was not authorised by the FCA, has been promoting and purportedly selling investments in a Delaware limited liability company to consumers in the UK and abroad in connection with a residential property development scheme on the island of Madeira. The FCA's action against First Capital Wealth is widely reported in the financial press (Financial Times, FT Alphaville, FT Adviser, Citywire, Forex Magnates, Compliancy Services). The FCA informed Norris J that it intended to present a petition for the compulsory winding up of First Capital Wealth Ltd pursuant to section 367 of FSMA.

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