The Financial Conduct Authority (FCA) has commenced criminal proceedings against the two former directors of Collateral (UK) Ltd (Collateral), Peter Currie and Andrew Currie, who each face two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2000. The FCA alleges that the Curries, who are brothers, dishonestly represented to investors that Collateral was authorised and regulated by the FCA to operate as a peer-to-peer lender knowing this was untrue.
It is further alleged that shortly after Collateral was asked by the FCA to cease conduct of all regulated activities in January 2018 and shortly before the company ceased trading, the brothers dishonestly abused their positions by transferring funds to a separate company and, in addition, transferred further sums that they knew or suspected were the proceeds of crime into the bank accounts of Andrew Currie.
Collateral is insolvent and is now in liquidation.
Peter and Andrew Currie are due to appear at Westminster Magistrates Court on 26 January 2022.