Two former partners of Arck, a property investment company that went into liquidation after its £60m collapse, have been charged with criminal offences by the UK’s Serious Fraud Office working with Nottinghamshire police.

Kathryn Clark, 51, of Nottinghamshire, and Richard Clay, 48, of Leicestershire, each face a total of six charges, alleging fraud and fraud by misrepresentation. They have been bailed to appear at a magistrates' court on November 29.

The defendants “allegedly created and marketed various unregulated financial products which they made available to individual investors through regulated independent financial advisers”, the SFO said in a short statement on Friday.

“It is estimated that approximately £60m was invested in these products by individual investors and, in some cases, IFAs themselves.”

The charges come after an 18-month SFO and police investigation codenamed Project Bijou into the collapse of Nottingham-based Arck, which was also probed by the UK financial regulator.

Solicitors for Mr Clay and Ms Clark both declined to comment.

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