Individuals involved in a “Ponzi” scheme investment company which caused people to lose their life savings are liable to pay millions in damages, the High Court has ruled.

By Kirstin Ridley LONDON (Reuters) -British investment firm London Capital & Finance (LCF), whose failure in 2019 triggered one of Britain's biggest retail investment scandals, operated as a Ponzi scheme and five men are liable for hefty damages,

Bosses at London Capital & Finance Plc ran a ponzi scheme to collect hundreds of millions of pounds from retail investors, spending much of it on themselves, a London judge ruled.

London Capital & Finance raised £237m from around 11,600 individual investors, promising them healthy returns from the sale of risky 'mini-bond' products.