A man who was found guilty of offences in relation to a crowd-funded investment platform is potentially facing a prison sentence for failing to pay a proceeds of crime debt.
Collateral (UK) Limited was a finance company which facilitated investments crowd-funded by members of the public. The firm and two related companies entered administration in April 2018.
The two defendants, Andrew Currie, 60, and Peter Currie, 62, 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 freelance journalist 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”.
At a Proceeds of Crime Act hearing held in December 2025, exclusively reported on by the mouseinthecourt, the court found that Andrew Currie must pay £265k or face three years in prison.
The mouseinthecourt can report that a published court list shows Monday 27th July 2026 has been set to consider a so-called ‘Application To Lodge Committal Warrant’ at the City of London Magistrates’ Court.
This is said to relate to the non-payment of a fine of £197,600 imposed on 09/01/2026.
Investors in loans on the Collateral platform have reported on the P2P Independent forum, in posts unverified by the mouseinthecourt, of receiving payments from the court ranging from three to twenty-five pence each in relation to the existing debt.
One investor said the court service had “sent me 7p. Is it enough for a plastic carrier bag?”
It turns out “proceeds of crime” are easier to get than they are to get back.
Of the 11 other cases listed for the same Monday afternoon, they include a 64-year-old man alleged to have not paid a £2.1m confiscation order, and a 20-year-old man, whose address is given as HM Prison Wormwood Scrubs, who has apparently failed to pay £90.
A representative from the HMCTS media enquiries line could not immediately confirm whether the hearings listed would be attended by the parties, or just an administrative rubber-stamp exercise.
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