FCA secures restitution order against illegal deposit takers

The FCA has secured an interim restitution order of just over £676,000 against five of seven parties accused of taking deposits illegally.

Defendants in the case are accused of accepting money for projects including forex-trading and crypto-assets without FCA authorisation.

The court ordered that Bright Managment Solution Limited as well as three individuals were jointly and severally liable for repaying money to members of the public who invested. A further defendant, Soccer League International Limited, had its liability capped at £137,000 to reflect the short time it was involved in the unauthorised activity.

The proceedings are still continuing against two defendants, Soccer League UK Limited and another individual, who oppose the FCA’s claims. The FCA confirmed that proceedings will continue with a trial on a date to be confirmed.

FCA executive director of enforcement and market oversight, Mark Steward, commented: “This restitution order means we can take steps to repay some of the money to investors before the full case is heard by the court.

“The FCA will continue to pursue the case against the two remaining defendants and will seek to recover as much of the balance as possible. There is no doubt investors losses would have been worse if we had not intervened with these proceedings when we did. 

“Before beginning to invest, people should always check our register to ensure that they are dealing with a legitimate firm and check out our ScamSmart pages.”

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