A three-minute-hearing in criminal proceedings brought by the FCA against the former directors of Collateral (UK) Limited was held earlier today.
Please donate to the Cheese Fund to support crowd-funded journalism of the P2P sector.
Reporting by Daniel Cloake.
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 two defendants, Andrew Currie, 57, and Peter Currie, 58, both deny two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2002. The trial, with an estimated length of 4-weeks is expected to begin on April 11th 2023.
The mouseinthecourt has reported on previous hearing, hopefully providing a level of independent oversight to the process.
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 management hearings are subject to strict reporting restrictions. What we can say about todays hearing is that:
Both defendants were not required to attend, and did not.
The barristers appeared remotely over video link.
Andrew Currie was represented by Oliver Renton
Peter Currie was represented by Ashley Hendron
The FCA were represented by Stuart Biggs
His Honour Judge Chris Hehir ordered that a further Case Management Hearing should be listed in January 2023.
Case details:
Court 8 Southwark Crown Court
Before HHJ Hehir
11th November 2022 11.02am
For Mention
Case number: T20220056
CURRIE Andrew
CURRIE Peter
Mouse in the Court 
2 thoughts on “Collateral Currie brothers trial update”