FSA warns on investment firm

The Financial Services Authority warned consumers about an unauthorised investment firm that is believed to have promised people returns of 10% a month but had spent the money on activities such as spread-betting.

The watchdog said Henry Ofili, of Stoke Newington, north London, was running an illegal investment business, Adams & Adams Investment Services. There was evidence that he took at least £120,000 from about 25 people.

People who invested with him will not have access to the financial services compensation scheme or the financial services ombudsman since he was unregistered. The FSA is asking those approached by Mr Ofili to get in touch to help with its inquiry.

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