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.
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
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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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