In a 335-page judgment, Judge Robert Miles stated that the existence of genuine underlying assets does not preclude the operation of a Ponzi scheme in this case.
The court ruled that former CEO Michael Thomson and four others knowingly participated in fraud, misleading investors and misappropriating assets while operating LCF.
Finbarr O'Connell, representing LCF's joint administrators, indicated that they would now pursue substantial damages from the defendants for the benefit of creditors.
LCF's collapse cost approximately 11,600 investors over £237 million and triggered significant criticisms of the Financial Conduct Authority’s oversight.
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