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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13325
Experience:  Solicitor with more than 30 years experience
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Good Morning - Looking for advice please on a couple of investments

Customer Question

Good Morning - Looking for advice please on a couple of investments I did several years ago on redundancy money I received. I had advice from a gentlemwn called Bob Massey on a Nursery for young children and also a Cod fish farm in Scotland. I invested a total of £15000 saying I didnt want a high risk investment but something I could put into a project where after five years onwards, the investment would have worked and improved. Both ventures went bust and I lost the lot and I also found out that I couldn't have got my money back if I had wanted after a period of time, because I could only get my money back if the businesses had been sold on.
Any help and advice will be gratefully received.
Best regards
Brian Dingwall
0781(NNN) NNN-NNNN
Submitted: 4 years ago.
Category: Law
Expert:  Senior Partner replied 4 years ago.
Hi Brian
I am sorry to hear about your experience. Can you tell me a bit more about the person who introduced you to the investments? Was he an independent financial adviser?

It sounds as if you were misled about the investments. Investments in private unlisted companies can only be realised on a sale or float and are very risky. It would not be a low risk investment. If this happened within the last 6 years or at least you found out that the investments were inappropriate for you then you would have a claim against the intermediary for negligence. However the question is whether he is of any substance i.e. is it worth suing? If he was regulated intermediary i.e. regulated by the FSA ( then now the FCA) you might have a claim for compensation from the financial services compensation scheme but only if he was regulated.