Administrators of a failed investment business backed by celebrities and members of a south London church have labelled it a “Ponzi” scheme and say they wish to pursue the bankruptcy of its directors.
Insolvency practitioners from Begbies Traynor said that bankrupting Ashley Reading, 54, and his daughter Cameron, 24, who ran Fortress Capital Partners, would allow a full investigation of their personal affairs, including bank and credit card statements.
Fortress was an unregulated investment scheme that promoted returns of up to 18 per cent a year. It collapsed into administration last September, with investors in many cases said to have lost the majority of their life savings or inheritances.
Administrators’ preliminary findings previously have included allegations that some investors’ funds were “used for the purpose