Derek Parry

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    Imperial victims obtain judgment against financial adviser

    Husband-and-wife investors in the fraudulently-operated Imperial Consolidated Group have won a judgment for their full loss of £500,000 (US$924,769) against an independent financial adviser. The IFA, Caroline Ockwell & Co., was found to have been negligent in recommending an unregulated offshore investment fund offering a 15 per cent annual return to retired British farming couple Edward Arthur Seymour and Pauline Mary Seymour. However, Ockwell is only liable for one-third of the judgment after it secured a judgment for two-thirds of the award against financial services firm Zurich IFA Limited, whose Isle of Man office recommended the investment product to Ockwell.