FCA secures £676,000 order to recover deposits
By Sean Farrell
Date: Wednesday 03 Feb 2021
(Sharecast News) - The Financial Conduct Authority has secured a restitution order to recover £676,000 from defendants accused of taking unauthorised deposits from investors.
The interim order covers five of seven defendants for taking money for foreign exchange trading and crypto assets without FCA authorisation.
A judge ordered Bright Managment (sic) Solution Ltd, a Mohammed Zakir Hussain, Mohammed Abdul Kahhar and Kayes Miah were liable for repaying money to members of the public who invested. A further defendant, Soccer League International Ltd, had its liability capped at £137,000 to reflect the short time it was involved in the unauthorised activity.
The FCA brought civil proceedings against the companies and individuals in January 2020 and froze up to £1.3m of assets. Proceedings are continuing against two defendants and Soccer League UK Ltd who oppose the FCA's claims.
Mark Steward, the FCA's enforcement director, said: "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. 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."
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