The Financial Conduct Authority (FCA) has commenced criminal proceedings against Stephen Allen for allegedly helping to hide an investment scammer’s interest in a London property.

The FCA alleges that between 21 July 2014 and 6 July 2017, Mr Allen conspired with Renwick Haddow to pervert the course of justice by disguising Mr Haddow’s interest in the property in London and its availability as an asset for the part satisfaction of any order that might be made in proceedings brought by the FCA against Mr Haddow.

Mr Haddow, along with his business partners, was ordered to repay almost £17m invested in four Unauthorised Collective Investment Schemes following legal action from the FCA in 2018. 

Between 2009 and 2013, consumers were persuaded to invest in rice farm harvests in Sierra Leone and in carbon credits intended to be generated from land in Sierra Leone, Brazil and Australia.

The FCA launched legal action in July 2013 against the operation and promotion of the four schemes and also against the false and misleading statements made to consumers by individuals involved with the schemes.

Mr Allen appeared yesterday by video link at Westminster Magistrates Court in relation to a charge of conspiring to pervert the course of justice.

Mr Allen gave no indication as to his plea and the case was sent to Southwark Crown Court for a Plea and Trial Preparation Hearing on 25 November 2020.