Date set for trial of Collateral directors
Peter and Andrew Currie, two former directors of collapsed peer-to-peer lending platform Collateral, will face a criminal trial in April 2023 after they both pleaded not guilty to all charges at Southwark Crown Court today (23 February).
On 7 January, the City watchdog started criminal proceedings against the two brothers with both facing two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2002.
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According to The Mouse in the Court blog, at Southwark Crown Court today both men pleaded not guilty to all charges for the second time, with Andrew appearing via a video link and Peter in person, and both will stay on unconditional bail.
The judge ruled that the trial – which is estimated to last four weeks – will be listed to begin on 11 April next year with a case management hearing anticipated to be held in July 2021.
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On 26 January, both brothers pleaded not guilty to all charges at Westminster Magistrates’ Court.
The Financial Conduct Authority (FCA) has previously alleged that the Currie brothers falsely told investors that they were regulated by the watchdog to operate a P2P lending business.
The FCA has also alleged that the former directors dishonestly abused their positions by transferring funds to a separate company before the company stopped trading when it asked them to cease regulated activities in January 2018.
The defendants are also believed to have transferred further sums that they knew or suspected were the proceeds of crime, into the bank accounts of Andrew Currie.