The Financial Conduct Authority (FCA) has secured court approval to obtain £1.6 million from Argento Wealth Ltd (AWL) and its sole director, Daniel Willis, who promoted two alleged unlawful investment schemes. 

The FCA previously commenced civil proceedings against AWL and Willis to recover investor funds linked to the firm’s alleged unlawful activity, with the regulator successfully securing undertakings which froze AWL’s/Willis’ assets.  

The High Court has now approved a consent order, with the intention that the money is returned to investors in the schemes.  

The FCA alleged that AWL unlawfully: 

  • took approximately £2.8 million as deposits under loan agreements and/or as part of an unauthorised collective investment scheme  
  • arranged investments in EMB Fund Limited (EMB) totalling about US$9 million which breached the restrictions on financial promotion 

The FCA also alleged that Wills was knowingly concerned in this unlawful activity. 

AWL and Willis have not admitted any of the FCA’s allegations that led to the proceedings, which began on 1 June 2022, but have agreed to pay money to the FCA intended for the eventual distribution to investors.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Further court hearings are required to decide how and to whom the funds secured in this agreement should be distributed. This process may take a significant amount of time.  

The settlement agreed by the FCA was intended to prevent all of AWL/Willis’ remaining assets from being used up to meet the ongoing legal and living costs. Without the settlement, there would have been a significant risk of the remaining investor money being used to fund legal fees, leaving nothing for investors. Despite the settlement, investors will suffer very significant losses.