UK regulator sues loan-note firm and its founder over unauthorized activities

The City watchdog has initiated High Court action against Osborne Baldwin, which trades as Hunter Jones and Hunter Jones Group, and its founder Reece Mennie. The FCA claims the firm sold loan notes and carried out regulated activity without the required authorisation, and it is asking the court to block further activity and order a return of investors’ funds. Mennie, who describes himself as a self-made entrepreneur, says the firm was in talks with the regulator and had not received any warning of legal proceedings.

The regulator’s move follows heightened scrutiny of loan notes after several schemes collapsed and other firms were censured for mis-selling similar products. The case is still in its early phases, with no trial date scheduled.