Two former directors of Collateral (UK) Ltd, Peter Currie, 57, and Andrew Currie, 56, appeared at Southwark Crown Court earlier today following action taken by the FCA.
Collateral purported to be a so-called Peer-to-Peer lending firm, which facilitated investments crowdfunded by members of the public.
Collateral (UK) Limited and two related companies entered administration in April 2018.
The men, who are brothers, are facing two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2002.
The three charges are:
- Fraud by false representation contrary to sections 1 and 2 of the Fraud Act 2006; the particulars of which that between 12 December 2015 and 1 March 2018 they dishonestly made false representations to investors and potential investors that the Collateral company was authorised and regulated by the FCA.
- Fraud by abuse of position contrary to sections 1 and 4 of the Fraud Act 2006; the particulars of which that on or about 15 February 2018 they dishonestly abused their position as directors within Collateral by transferring £275,000 to a company under their control.
- Converting criminal property contrary to section 329 of the Proceeds of Crime Act 2002; the particulars of which that between 13 February 2018 and 28 February 2018, they converted credits with a total value of £410,401.69 from Collateral’s bank account to accounts held by the directors knowing or suspecting the same to be proceeds of crime.
Both men re-entered not guilty pleas to all charges following an initial indication at Westminster Magistrates’ court in January.
Mr Andrew Currie and his barrister Oliver Renton both appeared remotely via video link. Mr Peter Currie and his barrister Ashley Hendron both appeared in person. The FCA were represented by Stuart Biggs.
During this 14-minute hearing His Honour Judge Griffith ruled that the trial, with a time estimate of four weeks, should be listed to begin on April 11th 2023. A case management hearing is expected to be held in July 2022. (Update 15/7/2022: Now understood to be listed for October ’22).
Both defendants remain on unconditional bail.
Our coverage of the FCA v Currie & Currie prosecution
✍️ Jan 2022: FCA commences criminal proceedings against Collateral Director
✍️ Jan 2022: Collateral Currie brothers appear in court following FCA action
✍️ Feb 2022: Trial date set for Currie brothers
✍️Oct 2022: Collateral Currie brothers trial on track as Case Management Hearing held
✍️Nov 2022: Collateral Currie brothers trial update
✍️ Jan 2023: FCA Collateral Case – January Update
✍️ Jan 2023: FCA Collateral Case – 4th preliminary hearing concludes
The Trial
✍️ 19th April 2023 – Prosecution Opening
‘Collateral Directors “lied to their investors” jury told‘
✍️ 20th April 2023 – Investor + FCA Investigator
‘Collateral Directors had motive to lie to secure investments, jury told‘
✍️ 21st April 2023 – Investor statements
‘FCA failed to pick up on false register entry for 22 months, jury told‘
✍️ 24th April 2023
FCA: We had ‘access’ to the Collateral platform since October 2016
✍️ 25th April 2023
AM: ‘Register change “would have been obvious to any case officer if the FCA had done their job” jury told‘
PM: Collateral Legal Advisor: The FCA “passed us from pillar to post throughout the process”
✍️ 26th April 2023
‘Collateral advisor told directors: “We are not going to be able to fob this off”, jury hears‘
✍️ 27th April 2023
Collateral directors took £763k out of company after FCA identified breach, jury told
✍️ 28th April 2023
Collateral director: “the FCA are looking for a scapegoat”, jury hears
✍️ 4th May 2023
AM: Jury hear the ‘agreed facts’ in Collateral FCA fraud case
PM: “The FCA was as clear as mud”, Collateral director tells jury
✍️ 5th May 2023
Collateral Director: “We are in court now as a bit of deflection of blame from the FCA”, jury hears
✍️ 10th May 2023
Collateral Director tells jury: Rishi Sunak wants compensation for investors
✍️ 11th May 2023
The FCA “don’t fully understand P2P as a market”, jurors hear
✍️ 12th May 2023
Peter Currie – “I wanted everything to be correct, above board.”
✍️ 15th May 2023
Jurors given ‘route to verdict’ in Collateral Fraud trial
✍️ 16th May 2023
FCA admits they “left the window to the car open and someone was able to reach in”, jury hears
✍️ 17th May 2023
Judge tells jury: The FCA are not on trial
✍️ 22nd May 2023
Guilty verdicts returned in Collateral fraud trial
✍️ 14th July 2023
Currie brothers jailed after Collateral fraud trial
Post Trial
✍️ 7th Dec 2023
Timetable set for Currie brothers proceeds of crime hearing
✍️ May 2024
Peter Currie fails to challenge conviction at court of appeal
✍️ Jan 2025
Peter Currie victims set to receive 500 pence each after FCA confiscation hearing
✍️ Jan 2026
Collateral Currie brother must pay £265k or face 3 years in prison
Case details:
Court 8 Southwark Crown Court
Before HHJ Griffith
23rd February 2022 12.30pm
Plea and Trial Preparation Hearing
Case number: T20220056
CURRIE Andrew
CURRIE Peter
Mouse in the Court 
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