The FCA has commenced criminal proceedings against the 2 former directors of Collateral (UK) Ltd, Peter Currie, 58, and Andrew Currie, 57, who each face 2 charges under the Fraud Act 2006 and 1 charge under the Proceeds of Crime Act 2002.
In a news statement published on January 7th 2022:
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
The charges faced by Peter and Andrew Currie are fraud by false representation, contrary to sections 1 and 2 of the Fraud Act 2006; fraud by abuse of position, contrary to sections 1 and 4 of the Fraud Act 2006; and converting criminal property, contrary to section 329 of the Proceeds of Crime Act 2000.
Editors Note
Apologies for the blatant ‘churnalism‘. I expect to update this blog with original content as the litigation continues.
In the media
10 01 2022:
P2P Finance News: “Collateral damage: A timeline of the administration“
08 01 2022:
The Times: “Bosses of peer-to-peer lender Collateral charged with fraud“
07 01 2022
FCA: “FCA commences criminal proceedings in relation to Collateral (UK) Ltd“
Bridging&Commercial: “FCA begins criminal proceedings against Collateral UK’s former directors“
Financial Planning Today: “FCA says brothers’ firm falsely claimed to be authorised“
Law360: “FCA Charges Ex-Directors Of Peer-To-Peer Lender With Fraud“
Mouse in the Court 
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