The financial watchdog is taking property investment firm Hunter Jones to the high court over alleged unauthorised activity.
The Financial Conduct Authority has launched proceedings against Osborne Baldwin Limited, which trades as Hunter Jones and Hunter Jones Group, asking the court to stop it from carrying out regulated activity without authorisation.
It is asking the court to require the company, run by social media influencer Reece Mennie, to return money to investors.
“The proceedings are at an early stage,” the FCA said.
“The court has not yet determined the claim and no trial date has been set.”
Hunter Jones has been contacted for comment.
The company, which specialises in promoting loan notes to potential investors, claims it has helped raise more than £300 million for property investments.
Loan notes are a type of debt agreement, which can be secured and unsecured, issued by companies to raise capital.
A company which used to provide Hunter Jones with regulatory cover to market loan notes, Equity for Growth (securities), was also censured by the regulator last month.
Mr Mennie has a significant social media profile, with more than 76,000 Instagram followers, and a podcast which has included guests such as former England footballer John Terry and boxer Conor Benn.
The FCA said that anyone who has invested through Hunter Jones and has concerns should contact the regulator via [email protected].
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