The UK's Financial Conduct Authority has obtained High Court approval for a scheme to return £2.5 million to compensate victims of a series of unauthorised collective investment schemes.

Between 2005 and 2010, approximately 800 people invested approximately £32.8 million in unauthorised CIS established and operated by Countrywide Land Holdings, James Kenneth Maynard (trading as Regional Land and Countrywide Land Holdings) and Stephen Ronald Watkins (trading as Consolidated Land UK). These schemes involved the unlawful selling of plots of land.

The FCA has recovered £2.5 million from the liquidation of a related Panamanian company, Paradigm Consultancy SA, and this amount will now be distributed to the 573 qualifying investors.

Ihis appears to be yet another example of investment firms promising returns that seem too good to be true. The FCA required the help of the Metropolitan Police in its hunt for wronged investors.