FCA Reports on 750K Collateral Fraud

The latest case report from the FCA;

In a prosecution brought by the Financial Conduct Authority, Peter Currie (59) was convicted by unanimous verdicts of two counts of fraud and one of money laundering and Andrew Currie (57) was convicted of one count of fraud and one of money laundering at Southwark Crown Court yesterday following a 5-week trial.  Andrew Currie was acquitted of one count of fraud. 

Before its collapse into administration in February 2018, Collateral offered peer-to-peer style investments on a website fraudulently claiming it was authorised and regulated by the FCA.  In December 2015 Peter Currie, a Collateral Director, swapped the details of a separate company he had agreed to sell – Regal Pawnbrokers Ltd – for the details of Collateral on the FCA register.  Over the following 18 months, the company was advertised as authorised to persuade people to invest in loans on the Collateral platform.   

In January 2018 the FCA notified Peter Currie that they had uncovered the register change and ordered that Collateral cease unauthorised business.  After this, Collateral not only continued to receive investments but Peter and Andrew Currie also removed approximately £750,000 from the Collateral client accounts.   

At around the same time the Curries appointed, without informing the FCA as required, an administrator and transferred a further £88,000 from Collateral funds.   

The integrity of the FCA Register is vital to consumer protection. The Curries masqueraded as an authorised firm to defraud consumers by falsifying the official record and the jury has quite rightly concluded their conduct was criminal. The FCA has invested heavily in the Register to strengthen controls and make it easier for people to use, with more information available to consumers. 

Both will be sentenced on 7 July 2023.

About alastair walker 11422 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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