The UK’s Financial Conduct Authority claims to be looking at 250,000 Premier FX transaction records in an attempt to trace where over €10 million of clients’ funds were whisked away to before the company was shut down.
The company, owned and run by Peter Rexstrew, persuaded expats in Portugal and Algarve property owners living outside the country, to deposit cash with Premier FX on the promise of benefiting from exchange rate fluctuations and interest payments. Significant sums, often for house purchases, were left on deposit and a select few also were paid interest on deposits.