The UK’s Financial Conduct Authority (FCA) has charged Bruce Rowan, David Simmons, Robert Sweeney and Justin Russell with multiple counts of conspiracy to commit fraud by false representation. Robert Sweeney and David Simmons are also charged with money laundering.
The four men ran an alleged unauthorized investment scheme which defrauded investors out of £3.9 million.
The FCA alleges that between 1 May 2015 and 23 July 2019 the defendants conspired to defraud through 2 companies, Hanover Merchant Capital UK Ltd and Liberty House Capital Ltd, by misleading UK investors that their money would fund water extraction and bottled water production and roughly the returns they could expect.
The alleged misrepresentations include:
- Hanover Merchant Capital UK Limited and Liberty House Capital Ltd were established investment firms with permanent offices based in London and part of an international development group and/or.
- Funds raised from investors will pay for the costs or otherwise be invested in a genuine water extraction and bottled water production and/or;
- Funds raised from investors will be insured with a valid form of insurance and/or;
- Investors would receive regular annuities and returns arising from the capital they provided.
The defendants will appear at Westminster Magistrates’ Court on 3 April 2024.
Conspiracy to commit fraud by false representation is an offense under section 2 of the Fraud Act 2006 and section 1(1) of the Criminal Law Act 1977, which is punishable by a fine and/or imprisonment for up to 10 years.
Money laundering is an offense under section 327 of the Proceeds of Crime Act 2002 and is punishable on indictment by a fine and/or imprisonment for up to 14 years.