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More than 500 people are seeking compensation from a bank for failing to protect their deposits in an unregulated scheme.
Investors who have lost millions of pounds in an unregulated property scheme are seeking redress from Yorkshire Bank for failing to protect their deposits. Lawyers acting on behalf of almost 400 investors who have lost money in the Arck scheme have filed complaints against the bank, despite the fact it neither sold nor recommended this high-risk investment scheme. If successful, this could trigger a £23m compensation payment. Problems arose after investors ploughed their money into a number of investment schemes run by Arck LLP. These schemes invested in property developments in Cape Verde, an island off the coast of Africa. But rather than own the property or the plots of land direct, the money was invested in complex "sale and repurchase" contracts.....Read more here
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