The High Court has today ordered John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi to pay approximately £115m to the FSA for unlawfully accepting deposits without authorisation from the FSA.
The ruling follows another High Court judgment on March 25, 2010 which ruled that Pruthi, Anderson and Peacock, under their trading names Business Consulting International, John Anderson Consulting and Kenneth Peacock Consulting, unlawfully accepted deposits from UK consumers.
The Judge ordered Pruthi to pay £89,798,938, Anderson £13,197,076. and Peacock £11,645,053.
The FSA says it will be seeking to enforce the judgment and return money that can be retrieved to investors who had dealings with Pruthi, Anderson and Peacock.
But the regulator is warning investors that it is unlikely that money owed by Pruthi, Anderson and Peacock will be repaid in part or at all.
FSA director of enforcement and financial crime Margaret Cole was seen to be pleased with the outcome.
See http://www.moneymarketing.co.uk/1014289.article?cmpid=MME01&cmptype=newsletter
