Mousey
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Post by Mousey on Jul 14, 2023 13:33:46 GMT
Following guilty verdicts the former directors of the failed P2P firm Collateral have been given custodial sentences at Southwark Crown Court. Peter Currie has been jailed for 5 1/2 years Andrew Currie jailed for 2 1/2 years Both disqualified as directors for 10 years. More info when we get it |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 14, 2023 13:44:01 GMT
Following guilty verdicts the former directors of the failed P2P firm Collateral have been given custodial sentences at Southwark Crown Court. Peter Currie has been jailed for 5 1/2 years Andrew Currie jailed for 2 1/2 years Both disqualified as directors for 10 years. More info when we get it near long enough. PC will be out in less than 2 years and AC in about 1. Disqualified for 10 years is a joke, should obviously be for life. Funding Secure next, come on FCA.
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markyg61
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Post by markyg61 on Jul 14, 2023 13:50:24 GMT
Compensation from Proceeds of Crime  ?
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duck
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Post by duck on Jul 14, 2023 15:50:50 GMT
The FCA are for once quick off the blocks (fleecing? ) Andrew and Peter Currie sentenced to a combined 8 years for fleecing consumers through Collateral P2P platformBefore 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’s public Register. Over the following 18 months, the company was advertised as authorised by the FCA to encourage 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 Collateral to cease unauthorised business. After this, Collateral not only continued to receive investments, but Peter and Andrew Currie also removed approximately £750,000 from Collateral client accounts. At around the same time, the Curries appointed an administrator without informing the FCA as they were required to, and transferred £88,000 from Collateral funds. The FCA successfully challenged the appointment of this administrator in court. A new administrator appointed following the FCA’s intervention estimated that of the £17.9m in customer loans outstanding at the time of Collateral’s collapse, approximately £11m will not be recovered. This is because of significant shortfalls between the valuations applied to the property used as securities for the loans and the amounts the administrators have been able to realise on the market. At the sentencing hearing, both defendants were also disqualified from being company directors. In sentencing, His Honour Judge Griffith remarked in respect of Peter Currie that 'Collateral was built on foundations of sand and dishonesty' as a result of his fraudulent register change. In respect of Andrew Currie Judge Griffith said 'the clearest impression of your actions …. was to get more money out to the detriment of investors.' Steve Smart, Joint Executive Director of Enforcement & Market Oversight said, ‘Peter Currie fraudulently amended the Register to entice investors in, and together with Andrew, stole client money once they knew the game was up. Unfortunately, the investors will now be left to pick up the tab for the loans that have turned bad. The FCA has begun confiscation proceedings to recover the financial benefit obtained by the defendants, as well as compensation proceedings to recover investor funds. We welcome these significant sentences which show we will take every enforcement action at our disposal to pursue criminals and protect consumers.'
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rocky1
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Post by rocky1 on Jul 14, 2023 16:10:10 GMT
Following guilty verdicts the former directors of the failed P2P firm Collateral have been given custodial sentences at Southwark Crown Court. Peter Currie has been jailed for 5 1/2 years Andrew Currie jailed for 2 1/2 years Both disqualified as directors for 10 years. More info when we get it near long enough. PC will be out in less than 2 years and AC in about 1. Disqualified for 10 years is a joke, should obviously be for life. Funding Secure next, come on FCA. lendy directors as well.need to be taught white collar crime can bring jail time.
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travolta
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Post by travolta on Jul 14, 2023 16:23:32 GMT
Maybe they will go to a white collar gaol ,where they can learn more skills.
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Mousey
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Post by Mousey on Jul 14, 2023 16:42:16 GMT
The FCA are for once quick off the blocks (fleecing? )
Stuff like this is a huge problem for the public - whereby press releases can be regurgitated by news sites without having to send anyone to the hearing or do any legwork on the story. You'll see this press release churned out now across the internet. In some places there's more people working in the police's press department than there are in the local newspaper which removes the ability of the press to be in anyway critical as they arn't told about stories or details which look bad.
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duck
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Post by duck on Jul 14, 2023 17:06:56 GMT
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dh1
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Post by dh1 on Jul 14, 2023 18:03:46 GMT
For those lenders interested in getting money back, this comment has appeared on the FCA website :
Steve Smart, Joint Executive Director of Enforcement & Market Oversight said,
‘Peter Currie fraudulently amended the Register to entice investors in, and together with Andrew, stole client money once they knew the game was up. Unfortunately, the investors will now be left to pick up the tab for the loans that have turned bad. The FCA has begun confiscation proceedings to recover the financial benefit obtained by the defendants, as well as compensation proceedings to recover investor funds. We welcome these significant sentences which show we will take every enforcement action at our disposal to pursue criminals and protect consumers."
My bold.
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jcb208
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Post by jcb208 on Jul 14, 2023 18:16:31 GMT
Be nice to get a bit more back then the 15% I have had so far for the stress, and the fact I had to work another 2 years thanks to them and the directors of Lendy who should be next in front of the courts
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Mousey
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Post by Mousey on Jul 14, 2023 18:19:11 GMT
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Post by df on Jul 14, 2023 18:26:02 GMT
Breaking indeed. Directors sentenced for fraud, this never happened before in small p2p world.
I'm guessing the money invested in one of the latest property loans that never went live (can't remember the name of it) were stolen by the brothers.
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duck
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Post by duck on Jul 15, 2023 5:13:38 GMT
....
The FCA has begun confiscation proceedings to recover the financial benefit obtained by the defendants, as well as compensation proceedings to recover investor funds. We welcome these significant sentences which show we will take every enforcement action at our disposal to pursue criminals and protect consumers."
My bold.
This looks to me to be a combination of the freezing orders being grabbed and other proceedings. An example of the 'other proceedings' is illustrated in this case from the FCA. Whilst this could be positive news for investors I still think that one area has missed serious scrutiny, the chattels. Apart from one well known gentlemans cars the chattels are generally worthless. Why did the companies decide not to buy their 'gems and valuables' back? Were they just given inflated valuations? Did half of the chattels never exist? When BDO examined the chattels in the security boxes they were worthless, who had access to those boxes and when? Some of the chattels were not secured in secure storage so they could have been swapped at any time. The charges (and therefore the trial) missed out on the chattels, why? So many questions and so far no answers.
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dh1
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Post by dh1 on Jul 15, 2023 12:22:42 GMT
Good questions by duck , as ever!
A couple of points.
First, it is very definitely in the FCA's interest to recover as much as possible for investors; the FCA quote underlines this and echoes previous comment.
On the chattels issue, I suspect that this is on the very edge of the FCA role; it seems a much more straightforward (!) fraud/theft which Police/SFO/NCA/CPS would normally handle. Having said that, the chattels seem to involve a number of parties and given the criminal nature of the Collateral enterprise (as evidenced by the convictions) there may be a much wider set of concerns/criminality. It is unlikely that lenders (like me) will have any clue as to what really happened and that may even be in our interests.
The FCA stance (NCND) mentioned above is also in play but bear in mind that "neither confirm nor deny" means exactly what it says.
Relative silence (eg BDO, Police, FCA and other enforcement bodies) whilst a criminal investigation is ongoing is the correct (if frustrating to outsiders) position to take; anyone doubting the value of that approach can quite easily be referred back to the convictions in this case.
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duck
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Post by duck on Jul 15, 2023 14:37:46 GMT
Good questions by duck , as ever!
A couple of points.
First, it is very definitely in the FCA's interest to recover as much as possible for investors; the FCA quote underlines this and echoes previous comment.
On the chattels issue, I suspect that this is on the very edge of the FCA role; it seems a much more straightforward (!) fraud/theft which Police/SFO/NCA/CPS would normally handle. Having said that, the chattels seem to involve a number of parties and given the criminal nature of the Collateral enterprise (as evidenced by the convictions) there may be a much wider set of concerns/criminality. It is unlikely that lenders (like me) will have any clue as to what really happened and that may even be in our interests.
The FCA stance (NCND) mentioned above is also in play but bear in mind that "neither confirm nor deny" means exactly what it says.
Relative silence (eg BDO, Police, FCA and other enforcement bodies) whilst a criminal investigation is ongoing is the correct (if frustrating to outsiders) position to take; anyone doubting the value of that approach can quite easily be referred back to the convictions in this case.
I don't disagree with what you have said, to quote a section of one FOI specifically targetted at companies (this was a follow up FOI) I understandably received the following response However in the earlier (general) FOI in response to the following questions the following answer was given So up until the end of the formal investigation the police were not involved .............. that of course does not mean that they have not been subsequently. The main point that I am making (and I am trying to highlight) is that there is a discrepancy of approx £2m in the chattels loans and yet both BDO and the FCA seem to be content with that position, at least in their dealings with investors. This amount (£2m) is of course an amount far in excess of that which the brothers transferred into their accounts and was the subject of charges. That said, the transfers were an easy hit, just a bank statement check.
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