Advisers Alan and Russell Taylor will appear before the Norwich Crown Court next month after being charged with 14 fraud offences.
The pair were charged on 18 April and appeared in the Norwich Magistrates Court last week where an administration hearing in the Norwich Crown Court was set for 22 July.
The Taylors were each charged with seven counts of fraud, including conspiracy to defraud and fraud by abuse of position. The charges relate to the handling of investments between their businesses – Taylor & Taylor Associates and Vantage Investment Group between January 2008 and July 2015.
According to the Norfolk Constabulary, the fraud charges could run into the millions of pounds.
Hoveton-based Taylor & Taylor closed in May 2015. Regulatory costs were blamed for the firm shutting down.
The firm’s client book was not passed to another advisory business and product providers were instructed to correspond directly with clients.
The firm said all client files would be scanned for future regulatory purposes, with a professional firm brought in to shred files.
Taylor & Taylor, which was approved by the FCA for pensions, mortgages and investments, was declared in default by the FSCS in March.