The FCA has commenced proceedings in the High Court against London Property Investments (UK) Limited (LPI), NPI Holdings Limited (NPI), Daniel Stevens (the sole director and shareholder of both companies) and his father Anthony Kafetzis.
The FCA has secured an interim injunction stopping these activities from continuing and a restraint order freezing 17 residential properties worth approximately £3.9m and the defendants’ other assets up to £867,770. Based upon present information, the FCA believes that the defendants’ activities have affected dozens of individuals, some of whom are highly vulnerable and who may have lost hundreds of thousands of pounds to the defendants.
The FCA alleges that LPI and NPI carried out regulated activities in the UK without FCA authorisation or exemption, and LPI communicated financial promotions without the required authorisation or approval. In addition, Daniel Stevens and Anthony Kafetzis were knowingly concerned in LPI and NPI’s contraventions, according to the FCA.
LPI provides services to financially distressed individuals who face eviction from their homes or who have recently been evicted.
The FCA is asking the court to return the ownership of properties to the affected individuals, restitution for individuals who suffered losses as a result of the defendants’ actions, declarations from the court stating that the defendants acted illegally and injunctions to prevent further breaches in the future. The court proceedings are at an early stage and no date for trial has been set.
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