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Three found guilty of illegally accepting deposits

Published on 25 Mar 2010 under category: legal

Three employees at the Mayfair-based consultancy Business Consulting International have been found guilty of illegally taking deposits.

The summary judgment was passed on March 18th after the court concluded that the defendants had no real chance to successfully defend the claim that they were engaging in illegal activities.

John Anderson, Kautilya Nandan Pruthi and Kenneth Peacock were accused of trading unlawfully and taking deposits from UK customers without Financial Service Authority (FSA) authorisation.

The defendants' activities were under the trading styles of Business Consulting International, John Anderson Consulting and Kenneth Peacock Consulting.

Margaret Cole, director of enforcement and financial crime at the FSA, said: "They were not authorised by the FSA but were clearly involved in activities which meant they should have been.

"Authorisation offers consumers valuable protection and access to complaints and compensation arrangements should anything go wrong."

The arrests took place on March 21st last year, with three people arrested on suspicion of conspiracy to defraud, money laundering and fraud by misrepresentation.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.