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The FSC takes legal action against company to stop unauthorised investment business

01 Feb 00

The Financial Services Commission ("FSC") in Gibraltar announced today that it has begun proceedings in the Supreme Court of Gibraltar against Vanguard Equities Limited ("Vanguard") for an injunction that Vanguard cease carrying on, or holding itself out as carrying on, investment business in contravention of section 3 of the Financial Services Act 1989, and for other Orders, including an Order aimed at restoring investors to the position in which they were before entering into transactions with Vanguard.

The FSC has evidence that Vanguard has been holding itself out as providing investment services from within Gibraltar. Investors in a number of countries throughout the world had been contacted by Vanguard which had tried to sell them shares, particularly in a company called Old Dominion Holdings Inc. Vanguard, which is a company registered in Gibraltar, had not been authorised by the FSC to conduct investment business. The company has used addresses in Gibraltar and Marbella, southern Spain.

Notes for Editors:

Section 3 of the Financial Services Act provides that no person shall carry on, or hold himself out as carrying on, any investment business in or from within Gibraltar unless licensed to do so by the Financial Services Commissioner.