Scam property fund wound up

The High Court has wound up a scam property fund that took £880,000 from investors and promised returns of up to 51 per cent a year.

The FCA says the fund was wound up earlier in April at its request and a liquidator appointed to investigate Hermay’s activities. It says the firm had been accepting deposits from consumers without its authorisation.

The FCA suspects Hermay ran a scam property fund claiming guaranteed returns of up to 51.5 per cent after one year. It is understood there were 25 investors. The FCA says: “The liquidator will contact affected investors to confirm if any money can be returned to them once this investigation is complete.”