A UK court has ruled that London Capital & Finance (LCF) operated as a Ponzi scheme, leading to the defrauding of investors of over £237 million. The court found five former executives, including ex-CEO Michael Thomson, liable for their roles in the scheme, which resulted in significant financial losses for approximately 11,600 investors. The High Court also indicated that those involved in the fraudulent investment company would be required to pay millions in damages to the affected individuals. Additionally, a barrister has been suspended for mishandling client funds, further highlighting issues of fraud within the financial sector ahead of LCF's collapse.