Compensation update in Arck LLP
7 September, 2017 | Case Updates
Following the confiscation orders handed down to Richard Clay and Kathryn Clark in the Arck property investment scheme in June last year and subsequent enforcement action, the SFO has now secured over £500,000 in compensation.
The SFO are seeking to identify victims who are eligible to receive compensation. To be eligible an investor must have invested in one of the schemes that were the basis of the prosecution, namely:
- The Arck Estrella or Estrella Santiago sale and re-purchase scheme
- The Paradise Beach sale and re-purchase scheme
- The Joyston schemes
Any investment in the above schemes must have occurred between 16 January 2007 and 1 August 2011.
To ensure victims are compensated fairly, any payment will be calculated using the following criteria:
- The total amount of money invested (not including any administration fees paid to ARCK LLP or fees charged by Independent Financial Advisors (IFAs) who may have assisted investors in their investment)
- How much an investor received in return from Arck LLP
- How much an investor received in compensation from the Financial Services Compensation Scheme (FSCS)
- How much an investor received from any other third party, for instance, the Yorkshire Bank’s financial assistance scheme
We will be working with HM Courts & Tribunal Service (HMCTS) to distribute the compensation and anticipate the first payments will be made this December.
Claims for compensation must be received by the SFO by 7th December 2017. Claims received after this date will not be considered eligible for compensation.
If you believe you qualify for compensation in this case and wish to make a claim then please complete and submit the questionnaire before 7th December 2017.
For more information on the case please see here.