The UK Financial Conduct Authority (FCA) has issued an order prohibiting Tyrone Miller from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.

Following civil proceedings brought by the Authority before the High Court of Justice, the High Court ruled that Mr Miller was knowingly concerned in multiple contraventions of sections 19 and 21 of the Act by two companies that were operated as a joint business trading as Gemini, that he was deemed to be the director of between 25 January 2015 and 18 November 2015.

On 6 May 2020, Mr Miller was ordered by the High Court to pay to the Authority £1,207,050 on a joint and several basis, representing the losses suffered by investors in respect of their investment into OPR via Gemini.

Mr Miller failed to satisfy the Order and the Authority made an application to the High Court to petition for his bankruptcy. A bankruptcy order was made against Mr Miller on 23 March 2021.

The FCA concluded that Mr Miller is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm. The adverse findings by the High Court concerning contraventions of the Act demonstrate a clear and serious lack of integrity such that Mr Miller is not fit and proper to perform regulated activities.

In reaching this decision, the Authority has had regard to all the relevant circumstances, including Mr Miller’s previous status as an individual regulated by the Authority, and the severity of the risk posed by Mr Miller to consumers and financial institutions and to confidence in the market generally. The Authority considers that it is appropriate to impose the prohibition order to achieve its consumer protection and integrity objectives.