FCA announces charges against brothers accused of transferring crime-related funds

On January 7, 2022, the UK Financial Conduct Authority (FCA) announced that criminal proceedings were commenced against Peter Currie and Andrew Currie, brothers who were former directors of the now-insolvent financial services company Collateral (UK) Ltd., for misrepresenting to investors that the company was regulated and authorized by the FCA to operate as a peer-to-peer lender knowing that the information was untrue. The FCA also reports that in January 2018, after the FCA asked Collateral to cease all regulated activities but before trading actually stopped, the brothers allegedly abused of their positions by transferring funds to a separate company and transferred sums that they knew or suspected were the proceeds of crime into bank accounts belonging to Andrew Currie. The FCA charged the brothers with fraud by false representation and fraud by abuse of position in violation of the Fraud Act 2006 and with converting criminal property contrary to section 329 of the Proceeds of Crime Act 2002.

FCA Press Release