Yorkshire Accountant Taken To Court Over Risky Investment Scheme

Thu, 11 Jun 2009

A Yorkshire-based accountancy firm has had its assets frozen after being found guilty of breaking financial regulations .

Upton and Co of Wakefield, West Yorkshire, put its customers' money at risk by operating an investment scheme without authorisation, according to the Financial Services Authority (FSA ).

The FSA is now taking the company and director Darren Upton to the High Court which will decide whether the Currency Plan was operated without legal permission.

In the meantime, assets and sums held in UK bank accounts by Mr Upton or the company have been frozen and both are now banned from conducting any further business that requires authorisation from the FSA, such as offering residential mortgage advice.

The FSA said no investors will get paid or be able to invest further funds while the injunctions remain.

A spokeswoman for the watchdog said: "This activity puts people at risk if anything goes wrong as they have no protection."

Established in 1999, Upton and Co offer accounts, taxation, business advisory and support services to a wide range of companies and individuals. The firm is based in Wakefield but also has satellite offices in London and Newcastle .
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