Ian Austin MP

Labour MP for Dudley North

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Austin launches campaign against £7.5 million investment rip-off

Dudley MP Ian Austin has launched a campaign in support of hundreds of people who have lost thousands of pounds after being ripped off by a dodgy investment scheme.

Residents across the Black Country along with hundreds of others across the country invested a total of £7.5 million into an investment scheme operated by Secured Energy Bonds (SEB).

The scheme was approved by a Financial Conduct Authority authorised firm, but the money was never invested in renewable energy as promised. Instead, most of the money was siphoned off to the business’s Australian parent company before it went into administration in November 2014, leaving investors out of pocket.

Austin has now launched a campaign to get other MPs to speak up for their constituents and make sure their cases are taken seriously by government regulators.

Ian Austin said:

“I’m really concerned that people across the country have lost nearly £7.5 million after being ripped off by this firm.

“The authorities should make sure that no one is left out of pocket as a result of this business’s failure to keep its promises.

“I’ll be speaking up for local investors and want any local people affected to come forward so I take up their cases personally.”

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