Warrant out for adviser

A WARRANT has been issued for the arrest of Ian Francis Lloyd-Wright, a South African-based financial adviser alleged to have sold unauthorised investment bonds to UK residents, writes Maria Scott.

Mr Lloyd-Wright is known as the 'million-dollar man' because of his purported past commission earnings.

The warrant was obtained by the Securities and Investments Board and relates to alleged contempt of court. The contempt proceedings concern Mr Lloyd-Wright's alleged failure to comply with a court order asking him to supply details of his assets.

The SIB has also obtained an order requiring Mr Lloyd-Wright to pay into court pounds 954,978 for losses suffered by 12 British residents who invested through LW Investment Corporation, a company controlled by Mr Lloyd-Wright. A winding up order was made against LW on 23 June.

The SIB believes up to pounds 4m may be owed to British investors.

The regulator faces an uphill battle in confronting Mr Lloyd-Wright. The UK has no extradition treaty with South Africa, and in any case extradition would not apply in respect of contempt of court.