FSA wins summary judgement against unlawful deposit-takers
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The High Court today found three people in breach of the Financial Services and Markets Act 2000 by unlawfully accepting deposits from UK consumers, following a summary judgement application brought by the FSA.
John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi traded as John Anderson Consulting, Kenneth Peacock Consulting and Business Consulting International.
The FSA says the defendants were taking deposits from consumers without being authorised to do so.
The Court determined, in a summary judgment hearing on March 18, that the defendants had no real prospect of successfully defending the claim.
On May 21, 2009 the City of London Police arrested three people on suspicion of conspiracy to defraud, money laundering and fraud by misrepresentation.
The police investigation into Mayfair-based consultancy Business Consulting International continues. A fourth man was arrested on suspicion of money laundering in July 2009.
A further hearing will take place to establish the sum owed to consumers and is likely to take place in June.
FSA director of enforcement and financial crime Margaret Cole says: “We are pleased to have obtained this judgment and that the Court has agreed with the FSA that these individuals were involved in unlawful deposit taking. They were not authorised by the FSA but were clearly involved in activities which meant they should have been.
“This case emphasises the importance of taking care to ensure that any firm or individual consumers deal with are authorised or approved by the FSA.”
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Readers' comments (1)
Simon Mansell | 25 Mar 2010 3:48 pm
Margaret Cole says: “We are pleased to have obtained this judgment and that the Court has agreed with the FSA.
That must be a first - the FSA working within and alongside the Courts!
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