The Crown Court has approved a payment of £5,000 to be divvied up among the over 1,000 investors who were victims of the fraudulent activity of a director of the failed peer-to-peer lending firm Collateral (UK) Limited.
Collateral (UK) Limited was a finance company which facilitated investments crowdfunded by members of the public. The firm and two related companies entered administration in April 2018.
The two defendants, Andrew Currie, 59, and Peter Currie, 60, both denied two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2002 in a criminal prosecution brought by the Financial Conduct Authority.
They were convicted after a jury trial in July 2023 and received sentences totalling 8 years.
For further information about the case, and to see our reporting of every day of the trial please visit our main information page.
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Reporting by Daniel Cloake.
Following the conviction of the two brothers it was announced by the FCA that they had “begun confiscation proceedings to recover the financial benefit obtained by the defendants, as well as compensation proceedings to recover investor funds“.
This site previously covered a hearing which set the timetable for this proceeds of crime hearing.
Peter Currie
Colin Aylott KC, the barrister representing Peter Currie told the court that “both parties have been talking, or are in discussion, in relation to potential compromise of the proceedings“.
Aylott asked if “the court would be prepared to give us some further time for those discussions to continue” as it was explained that the forensic accountant, who had been instructed by the defence, was present in court.
The judge replied “Well, I have no problem with giving people time…As long as it is being fruitful, fine“.
Some three hours later the court hearing resumed with Stuart Biggs, the barrister representing the FCA, telling the court “Your Honour, we are very grateful for the time. We have managed to agree a confiscation order between the prosecution and defence“.
The Judge asked Biggs how many victims there were commenting “it is going to be depressing is it not?”
Biggs replied “it is a large number … I am told over 1000“.
Reading from the agreed order, sent electronically to the judge (as “I am trying to save the planet…and work in 21st Century“), HHJ Griffith told Peter Currie, who was attending the hearing via video link:
“Your benefit from your criminal conduct was £204,669.27. The Recoverable amount is £5000. You are to pay that within three months and if you fail to pay it within three months, there will be a default sentence of imprisonment of three months. Then, the £5000 is to be payable as compensation, there is confiscation of £5000, compensation from that all £5000 to be paid pro rata to the people named in the FCA’s victim schedule“
The calculation deducing £5k was not discussed in open court.
“I am not going to direct the victim surcharge if it is going to stop the sums that are going to the victims here” concluded the judge.
Andrew Currie
It was explained to the court that owing to illness Henry Grunwald OBE KC, the barrister who had represented Andrew Currie at trial “cannot be here today, cannot be here tomorrow and is very unlikely to be here on Thursday either…So, as a result, Mr [Andrew] Currie is … effectively unrepresented“.
Mr Aylott KC continued “we were informed by the court with the assistance of your clerk that the first available dates for a two-day hearing, this matter is very much contested, and it is complicated, would be 12th and 13th of May“
“I understand…So, 12th and 13th May it is then.” confirmed the judge.
Case details:
Courtroom 12 Southwark Crown Court
Before His Honour Judge Griffith
5th November 2024
Case number: T20220056
CURRIE Andrew
CURRIE Peter
The Financial Conduct Authority are represented by barrister Stuart Biggs, assisted by Thomas Coke-Smyth.
Peter Currie is represented by barrister Colin Aylott KC.
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