High court orders rogue CIS operator to repay £21.6m

The High Court in Northern Ireland has ordered Francois de Dietrich to repay £21.6m after it found he had operated a collective investment scheme (CIS) without authorisation.

The judge ruled on December 16 that £20.2m must be repayed to investors, with a 6% interest charged from the date of the first freezing order against de Dietrich and ETIC Solutions on October 27 2010.

The Financial Services Authority (FSA) says it could take several legal steps to enforce the order if he does not pay the sum, and could make him bankrupt.

PricewaterhouseCoopers was appointed as official liquidator of ETIC Solutions in July after the High Court in the Republic of Ireland ordered the compulsory winding up of the company.

The FSA recommends any investors who had dealings with ETIC or its director de Dietrich to contact PricewaterhouseCoopers.

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