The former boss of London Capital & Finance has told the High Court that allegations that investors’ money was misappropriated are “utterly mystifying” and “absurd”.
The failed company became the centre of one of Britain’s biggest investment scandals in recent years after it raised £237 million by selling unregulated minibonds to more than 11,600 people. It then collapsed into administration in January 2019 after an intervention by the Financial Conduct Authority.
Its administrators are now pursuing a civil case against several individuals linked with the firm, including Michael “Andy” Thomson, 51, who was London Capital & Finance’s chief executive, and have alleged that the minibonds business was “a Ponzi scheme from the outset”.
Michael “Andy” Thomson was the chief executive of London Capital and Finance
LCF
Investors were told that London Capital & Finance was
