FCA agrees end to unauthorised deposit taker case

FCA started court proceedings in December 2019 against Bright Management Solution Limited, which it alleged was operating an unauthorised deposit taking scheme.  The matter was due to come to trial this month, but a last minute agreement by the final defendant out of 6 has deflected the need for a trial.

FCA took action against Bright Management and 5 other defendants (including 4 individuals) in relation to money taken from the public for projects including forex and crypto-asset trading. It also alleged misleading statements and marketing about the nature of the investments, and sought orders for the activities to stop, for up to £1.3m in assets to be frozen and for monies to be returned to the victims.  5 defendants accepted FCA’s claim in early 2021. The final defendant has now accepted that he was knowingly concerned in the company’s unauthorised deposit taking and that he recklessly made misleading statements and was concerned in those made by Bright Management.

The High Court has now made an order reflecting the breaches and all these points.

Emma Radmore