The ex-partner of a man who was found guilty of offences in relation to a crowdfunded investment platform has been ordered to pay £15k to satisfy a proceeds of crime debt order.
Please donate to the Cheese Fund or buy me a coffee to support crowd-funded journalism of the P2P sector.
Reporting by freelance journalist Daniel Cloake.
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, 61, 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 eight 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
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 reported that a published court list showed Monday 27th July 2026 when the City of London Magistrates’ Court were due to consider a so-called ‘Application To Lodge Committal Warrant’.
This is said to relate to the non-payment of a fine of £197,600 imposed on 09/01/2026.
It is understood a further hearing will be held at the Magistrates’ Court in November 2026.
At this 19-minute hearing, Mr Michael Newbold, representing the FCA, explained that the FCA had identified a sum of £15,050 in a National Savings & Investments account held by Andrew Currie’s former partner Sarah Gayton.
The FCA invited the court to order that this amount should be seized in order to pay back the amount Ms Gayton had received in so-called tainted gifts, said to have ultimately come from the proceeds of crime.
Further details of these tainted gifts can be read in our report of the trial.
We were told that NS&I was aware of today’s application, but did not wish to attend.
Mr Newbold explained that the present position was that of the £265k ordered to be paid back just “£70k, give or take, has been paid”, which left a balance of “a little over £200k” once interest had been included.
Declining to get involved, Mr Oliver Renton, representing Andrew Currie, said he had “no locus” (or to use the American term, no standing) to get involved in an application essentially between the FCA and Ms Gayton.
Ms Gayton had been made aware of both the substantive proceeds of crime proceedings, and today’s application, but had chosen not to take part or be represented.
The court was told that Ms Gayton’s father had sent a letter concerning the source of the £15,050, the contents of which were not read out.
Mr Newbold submitted that the “FCA does not dispute that the money came from the Father” but that the “state must be able to pursue any of her assets, whether or not it can be traced back to Mr Currie”. This was “not a straightforward concept for a lay person to understand” he said.
Adding: “we say the primary objective in [proceeds of crime applications] is to recover assets of [defendants and] those who have received tainted gifts. This must have significant weight when the court considers whether to make this order”. The “money was not just going to the state, but also to the victims of his offending”.
Agreeing to the application sought HHJ Griffith said that as no one had appealed his previous order, this meant it still stood.
“It seems to me, in the absence of any evidence from [Ms Gayton], allowing for the father’s letter, which as I say he doesn’t seem to understand we’re not tracing proceeds of crime, seems to me in the circumstances an entirely appropriate confiscation order.”
The order means that £15,050 held in Ms Gayton’s NS&I account will now be used towards the outstanding proceeds of crime debt owed by Andrew Currie.
It is not known how the victims will spend the £15 they each will receive.
Case details:
Courtroom 2, Southwark Crown Court
Before His Honour Judge Griffith
24th September 2026
Case number: T20220056
CURRIE Andrew
The Financial Conduct Authority was represented by barrister Michael Newbold.
Andrew Currie, who did not appear, was represented by barrister Oliver Renton.
The work on this site is protected by copyright laws and treaties around the world. All such rights are reserved.
You may print off one copy, and may download extracts, of any page(s) from our site for your personal use and you may draw the attention of others within your organisation to content posted on our site.
You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.
Our status (and that of any identified contributors) as the authors of content on our site must always be acknowledged.
You must not use any part of the content on our site for commercial purposes without obtaining a licence to do so from us or our licensors.
