The Financial Conduct Authority (FCA) has begun high court proceedings against Concept Capital Group (CCG) over a £23m unauthorised collective investment scheme.

Riverrun Consulting, Gateridge Consulting, and six individuals – Ian Elliott, Adrian Felix, Ayub Swaibu, Edmund Brew, Ernest Kargbo, Raymondip Bedi – are also alleged to have taken part in a scheme involving consumer investments in static homes.

The FCA is claiming that CCG promoted investments in static homes, which were said to be let to social housing tenants placed by local councils. Investors were promised fixed returns and had been told that this scheme was backed by the Government – claims the FCA considers were false or misleading.

According to the regulator, the scheme operated as an unauthorised collective investment scheme with CCG carrying on regulated activities in the UK without the required authorisation.

The FCA has also alleged that the firm issued unauthorised financial promotions and made “false or misleading” statements.

CCG has had its assets frozen after giving undertakings to the court, pending the outcome of the trial or a further court order.

Alongside Ian Elliott, the FCA is claiming that Adrian Felix and his company Gateridge Consulting, Ayub Swaibu, Edmund Brew, Ernest Kargbo, and Raymondip Bedi and his company Riverrun Consulting were knowingly concerned in CCG’s breaches. Bedi was sentenced earlier this month for a separate fraud uncovered by the FCA.

The proceedings remain at an early stage with a trial date yet to be set.

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