The middleman in the London Capital and Finance (LCF) scandal has been accused of fraud in America amid a row over a $50m investment into a price comparison website.
Paul Careless was accused of helping to artificially boost revenues and internet hits at business associate Nigel Warr’s Moneyexpert venture, before a $50m (£25m at the time) investment by the American firm TCV in 2008.
The claims were made by former TCV venture capitalist Iain Shovlin in court filings in California. Shovlin joined the board of Manchester-based financial services comparison website Moneyexpert after the deal, and later claimed he was sacked by TCV when he raised concerns. Shovlin tried to sue Careless, Moneyexpert and others for compensation after losing his job. His case was dismissed several