A law firm leading a Group Action on behalf of investors in the Carlauren Group says that it includes at least 16 Isle of Wight investors.
The Carlauren Group went into administration at the end of last year after £50m was reported to have gone missing.
Founder denies misappropriating funds
The Guardian reported that Sean Murray, the 53-year-old founder of the Carlauren Group, raised more than £75m from private investors, which was used to fund his lavish lifestyle buying a fleet of yachts and luxury cars.
He denies misappropriating any funds.
Group action
David O’Brien from law firm, Penningtons Manches Cooper, has told the County Press that at least 16 of the 55 investors who have come forward are Isle of Wight residents.
Knock-on effect
Sandown has been left blighted by the unfinished renovation of The Ocean Hotel and Kings House, where the Group planned a luxury hotel and beach club.
Following the company going into administration, 20 staff were made redundant from the Auckland Hotel in Shanklin.
Source: County Press
Image: © Sandown Hub
