FCA launches criminal proceedings against Collateral directors
The Financial Conduct Authority (FCA) has commenced criminal proceedings against Peter Currie and Andrew Currie, two former directors of collapsed peer-to-peer lending platform Collateral.
The Curries – who are brothers – will face two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2002.
It is alleged that the Curries falsely told investors that they were regulated by the FCA to operate a P2P lending business.
The FCA has also alleged that shortly after Collateral was asked to cease all regulated activities in January 2018, but before the company ceased trading, the brothers dishonestly abused their positions by transferring funds to a separate company. They are also believed to have transferred further sums that they knew or suspected were the proceeds of crime into the bank accounts of Andrew Currie.
When contacted by Peer2Peer Finance News, Andrew Currie declined to comment on the allegations.
Both Peter and Andrew Currie are due to appear at Westminster Magistrates Court on 26 January 2022.
In May, FCA chief executive Nikhil Rathi told the Treasury select committee of MPs that the investigation into Collateral, including a potential hack into the regulator’s register, was very close to a conclusion and that he hoped to provide another update by September.
Collateral – a P2P pawnbroker and property lending platform – collapsed into administration in February 2018 and entered into liquidation in April 2019.
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