Reginald Larry-Cole, a British-Sierra Leonean businessman, faces fraud allegations from the UK's Serious Fraud Office in connection with the Buy2Let Ca .
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Last modified on Wed 17 Mar 2021 13.49 EDT
Investors in a collapsed car-hire scheme are facing losses, the City regulator has said, as it alleged that the firm had been trading while insolvent and claimed to own vehicles that did not appear to exist.
Buy2Let Cars collapsed into administration this week, shortly after the Financial Conduct Authority (FCA) had ordered it to stop accepting new investment because of concerns over its finances.
The company had described the decision as “bizarre” and accused the watchdog of putting jobs at risk.
The FCA outlined its reasoning in a detailed notice published on Wednesday, after Buy2Let Cars and its parent company, Raedex Consortium, fell into administration.