Charles Valentine Fraser-Macnamara

Findings — machine-extracted (anthropic-batch:claude-opus-4-8); verify against the decision

Charles Valentine Fraser-Macnamara, a solicitor and sole director of Ecohouse Developments Ltd (EDL), was found to have caused or allowed misrepresentations to investors (that EDL owned land, was an approved supplier under a Brazilian Government scheme, that funds were secure, displayed the Olympic logo, and held ISO 9001 accreditation - none true), failed to maintain adequate accounting records, profited from and misled the public into investing in what was found to be a Ponzi scheme that lost over £21 million, and involved himself in dubious transactions bearing the hallmarks of fraud/money laundering. The Tribunal found express dishonesty proved in respect of Allegations 1.1.1 (land ownership), 1.1.3 (security of funds), 1.2 (accounting records), 1.3 (Ponzi scheme) and 1.4 (dubious transactions). Allegations 1.1.2, 1.1.4 and 1.1.5 were found 'allowed' but not dishonest; Allegations 1.5.1 and 1.5.2 were found not proved. Breaches of Principle 3 were found not proved throughout as investors were not clients. The hearing proceeded in the Respondent's absence. He was struck off the Roll and ordered to pay costs of £22,725.

Duties found breached:

• Proper basis for allegations
• Accounting records, reconciliation and reports

Aggravating factors:

• Dishonest conduct that was calculated and repeated over a period of 2.5 years
• Significant efforts to conceal wrongdoing from EDL creditors, liquidator, Department of Trade and Industry and the Tribunal
• Previous Tribunal finding regarding involvement with EDL (12 months suspension in 2016)
• Financial motivation
• Planned and deliberate actions
• Quasi-position of trust as solicitor and director
• Loss of at least £21 million of investors' deposits

Mitigating factors:

• Engaged with the regulatory process