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‘Significant losses’ at Novus Black not reported to investors, UK FCA says

( October 23, 2024, 15:14 GMT | Official Statement) -- MLex Summary: Novus Black Fund, which describes itself as for “private members only,” experienced significant losses that haven't been reported to investors, the UK Financial Conduct Authority said today. The alternative investment fund is managed by MCI Global Investment Advisors. The FCA said MCI has agreed to a number of restrictions on Novus Black, which mean no trades or payments are allowed on trading accounts. “We know this will cause concern for people who've invested in the Novus Black Fund and we will provide further updates in due course,” the regulator said.Statement below....

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