The Financial Conduct Authority (FCA) has charged Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell with multiple counts of conspiracy to commit fraud through false statements, the first two of which have also been charged with money laundering.。

The four are suspected of running an unauthorised investment scheme that defrauded investors of £3.9m.。

The FCA alleges that between May 1, 2015 and July 23, 2019, the defendants conspired through two companies, Hanover Merchant Capital UK Ltd and Liberty House Capital Ltd, to defraud British investors by saying their funds would be used to finance water extraction and bottled water production and misleading them about expected earnings.。

Alleged misleading statements include:

• Hanover Merchant Capital UK Limited and Liberty House Capital Ltd are established investment firms with permanent offices in London, are part of the International Development Group, and / or;
• The funds raised from investors will be used to cover the cost of real water withdrawals and bottled water production, or otherwise invested in real water withdrawals and bottled water production, and / or the funds raised from investors will be insured in the form of effective insurance, and / or;
• Investors will receive regular returns from annuities and the capital they provide。

The defendant will appear at Westminster Magistrates Court on 3 April 2024。

Under section 2 of the Fraud Act 2006 and section 1 (1) of the Penal Code Act 1977, conspiracy to commit fraud through false statements is an offence punishable on indictment by a fine and / or imprisonment for up to 10 years。

Under section 327 of the Proceeds of Crime Act 2002, money laundering is an offence punishable on indictment by a fine and / or up to 14 years' imprisonment.。