Former Collateral directors plead not guilty at court
Peter and Andrew Currie, two former directors of collapsed peer-to-peer lending platform Collateral, have pleaded not guilty to criminal charges at Westminster Magistrates’ Court.
On 7 January, the City watchdog began 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, both of the Currie brothers gave their details in court today, submitted not guilty pleas to all charges and were granted unconditional bail, with Peter appearing in person and Andrew through a video link.
The case is now expected to continue on 23 February at Southwark Crown Court.
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The Financial Conduct Authority (FCA) has previously alleged that the Curries falsely told investors that they were regulated by the watchdog to operate a P2P lending business.
The regulator has also alleged that the former directors dishonestly abused their positions by transferring funds to a separate company before the company stopped trading when the FCA asked them to cease regulated activities in January 2018.
The brothers 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.
