Three men lose summary judgment for unlawful deposit taking
26 March 2010 at 17:30
The Financial Services Authority (FSA) has won a summary judgment against three men who were found to have unlawfully accepted deposits from UK consumers.
Defendants John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi were found to be in breach of section 19 of the Financial Services and Markets Act 2000 by the High Court.
The three men, who were operating under the trading names of Business Consulting International, John Anderson Consulting and Kenneth Peacock Consulting, were said to be involved in unlawful deposit taking and did not have FSA authorisation.
"This case emphasises the importance of taking care to ensure that any firm or individual consumers deal with are authorised or approved by the FSA, "commented Margaret Cole, director of enforcement and financial crime at the FSA.
She added that FSA authorisation "offers consumers valuable protection".
The FSA recently announced that a seventh individual had been arrested as part of its insider dealing investigation with the Serious Organised Crime Agency.