High Court orders unlawful deposit-takers to pay FSA £115m

Three people been ordered to pay £115 million to the Financial Services Authority by the High Court for unlawfulling accepting deposits without FSA authorisation.

John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi were ordered to pay the fine for their activities under their trading styles Business Consulting International, John Anderson Consulting and Kenneth Peacock Consulting.

The FSA said it will be seeking to enforce the judgment and return money that can be retrieved to investors.

Pruthi was ordered to pay £89,798,938, Anderson  £13,197,076.15, and Peacock £11,645,052.99.

Margaret Cole (pictured), director of enforcement and financial crime at the FSA, said: ‘As the Judge commented in his ruling the FSA took quick and decisive action against Pruthi, Anderson and Peacock and was entirely justified in intervening, using the full force of the legislation, to bring the scheme to a speedy conclusion and prevent further consumers being cheated.’