The FCA has begun criminal proceedings against four individuals allegedly involved in a £1.4m investment fraud involving a number of firms, including two ‘cloned’ firms.

Platform Transact has warned clients and advisers to avoid posting high value client cheques after a number were intercepted by fraudsters.

Three fund managers have been jailed for a large-scale fraud which led to losses of $8.45m (£7.03m) which were meant for the people of Libya.

Four property developers from the same family have been jailed for multiple counts of mortgage and investment fraud which resulted in investors losing over £1.5m while the defendants reaped a benefit of over £2.8m.