Lincoln IFA charged

Alan Richardson, a former independent financial adviser (IFA) who ran Lincoln-based MFC Finance Ltd, has been charged with fraudulent trading, false accounting, evasion of a liability and perverting the course of justice.

His company is accused of borrowing money from a large number of private investors, promising high rates of interest and a safe return of capital. However, the company collapsed in December 2003 with eventual liabilities of over £2m, leaving many investors with large financial losses.