"The FCA took action as soon as it became aware of this illegal scheme, preventing further losses to future investors"
Samuel and Shantelle Golding ran Digital Wealth and Outsourcing Express which promised unrealistically high returns, in some cases up to 100% of the amount invested.
The schemes raised just over £15m from over 1,000 individual accounts before the FCA took enforcement action to stop it and prevent the disposal of the remaining funds.
Of the £15m that was raised, £9.25m was paid out to investors as returns and the defendants spent about £2.7m, including significant sums on travel, hotels and retail goods.
The FCA will now take control of the remaining £3.4m which will be distributed to affected consumers, leaving them with a loss totalling at least £2.7m.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: "The FCA took action as soon as it became aware of this illegal scheme, preventing further losses to future investors who would be unable to exit the scheme before it inevitably collapsed.
"The FCA again reminds consumers not to invest in schemes being offered by firms that are not authorised by the FCA and that look too good to be true, like these ones. In this case, we managed to save some money for investors: too often it is too late."
