In 2010, CherishWealth Management became authorised with the FCA through its principal Shah Wealth Management, although it appears that they did not start trading until November 2011.
By that time, its co-founder, Steven Wright, had moved on to create a number of unregulated collective investment schemes which Cherish then went on to promote. Brisa Investments, Lakeview UK Investments, Real Estate Investments USA and InvestUS Exit Strategy all collected millions in deposits from investors which, in many cases, were subsequently lent on to other companies.
Wright, a former policeman, resigned his directorship from each of these schemes in the months prior to him being declared bankrupt by HM Revenue & Customs (HMRC) on 28 March 2017. To add even more insult to injury, the typical advisor fees charged by Cherish were 5%.