The FCA has secured a confiscation order of £265,523.96 against convicted P2P fraudster Andrew Currie and he will face a further jail sentence if he does not pay up within three months.
At the time of his sentencing Judge Griffith said of Mr Currie, “the clearest impression of your actions …. was to get more money out to the detriment of investors.”
He was jailed alongside his brother Peter Currie who was sentenced to five years and six months.
The pair had built up £17.9m in loans through their business at the time of its collapse with an administrator estimating that approximately £11m would not not be recovered.
Before its collapse into administration in February 2018, the Collateral P2P platform offered peer-to-peer style investments on a website fraudulently claiming it was authorised and regulated by the FCA.
Mr Currie from Dumfries, diverted funds from Collateral investors and used them for personal gain, including the purchase of a property in Spain.
At a hearing at Southwark Crown Court on 9 January, Mr Currie was ordered to pay £265,523.96, representing the total value of assets the court determined were still available to be recovered.
The funds will be redistributed to the victims of his crimes, the regulator said.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: "Mr Currie sought to profit by defrauding unwitting investors. Today’s decision is a clear warning to fraudsters and scam artists that we will pursue them and ensure they don’t benefit from their criminal activity."
If Mr Currie does not pay the confiscation order within three months, he faces a default prison sentence of up to three years.
The confiscation proceedings form part of the FCA’s ongoing work to recover funds for victims of fraudulent investment schemes.