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The Con Men by Leo Gough

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10

Funds are not all the same!

I’m a proven liar. Don’t believe anything I say.

Sam Israel III, founder of the Bayou Group

In the UK, unit trusts and investment trusts have a very good safety record in terms of fraud; for example, according to the Association of Unit Trusts and Investment Funds, no investor has ever lost money in a UK unit trust as a result of fraud. Tough regulations – along with a determination in the industry not to kill the golden goose – have been very effective for a long period. Unit trusts are especially tightly controlled, with limitations on how much they can invest in unlisted stocks, how few investments they can own, and are usually prohibited from borrowing money or going ‘short’ in the market. As well as making ...

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