FCA obtains restitution order against Soccer League International, Bright Managment Solution
The UK Financial Conduct Authority (FCA) today announces that has secured an interim restitution order of just over £676,000 against some of the defendants it has accused of carrying on unauthorised deposit taking.
The defendants allegedly accepted money for projects including Forex trading and crypto-assets without FCA authorisation.
Mrs Justice Bacon ordered that Bright Managment Solution Limited, Mohammed Zakir Hussain, Mohammed Abdul Kahhar and Kayes Miah were jointly and severally liable for repaying money to members of the public who invested. A further defendant, Soccer League International Limited, had its liability capped at just over £137,000 to reflect the short time it was involved in the unauthorised activity.
The court also made declarations that the fundraising involved unauthorised deposit-taking and ordered permanent injunctions against the five defendants.
The proceedings continue against two defendants, Mr Mohammed Kabir and Soccer League UK Limited, who oppose the FCA’s claims. The proceedings will continue with a trial on a date to be confirmed. In the meantime, injunctions freezing the defendants’ assets up to £1.3 million are in place.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA said:
‘This restitution order means we can take steps to repay some of the money to investors before the full case is heard by the court. The FCA will continue to pursue the case against the two remaining defendants and will seek to recover as much of the balance as possible. There is no doubt investors losses would have been worse if we had not intervened with these proceedings when we did.
The regulator will contact all investors for further information about their investments in due course and would be grateful if all investors respond to requests from the FCA as soon as possible.