The FCA has secured High Court Approval to return £3.42m to victims of a Ponzi scheme couple who ran a series of unauthorised deposit taking and collective investment operations.
The schemes were run by Samuel and Shantelle Golding and their companies Digital Wealth Limited – also known as Digital Wealth Society (DWS) and Outsourcing Express Limited (OEL) – also known as Kerchiing.
Between 2015 and 2017, the schemes claimed to be involved in the online purchase of wholesale goods from China. They claimed the goods were for onward sale and promised unrealistically high returns, in some cases up to 100% of the amount invested, the FCA said.
However, despite the promises no significant trading was conducted and the schemes relied on a continuous flow of new investors to fund existing investors’ returns, a typical Ponzi scheme ruse.
Scheme operators Samuel and Shantelle Golding admitted to the court they