Harry WellsThe FCA has published a final notice banning Clive Harris Mongelard from performing regulated activities.
Following civil proceedings in the High Court, Mr Mongelard was found to be knowingly concerned in multiple contraventions of sections 19 and 21 of FSMA by two companies, jointly operating as Gemini, that he was director of between January and November 2015. Mr Mongelard was found to be knowingly concerned in the following contraventions:
- making arrangements under Article 25 RAO for investors to acquire shares and by advising investors to acquire shares under Article 53 RAO;
- making financial promotions in respect of fundraisings;
- making false or misleading statements in respect of fundraisings; and
- making and/or causing to be made false and/or misleading statements in respect of fundraisings.
In May 2020, Mr Mongelard was ordered by the High Court to pay to the FCA £1,207,050, representing the losses suffered by investors in respect of their investment into Gemini. Mr Mongelard failed to satisfy the Order and an application to the High Court for his bankruptcy was made.
In light of High Court’s decisions, the FCA has concluded that Mr Mongelard is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.