The High Court today ordered an investment consultant pay almost £90m to the FSA for unlawfully accepting deposits without authorisation.
Kautilya Nandan Pruthi was one of three individuals ordered to make payments to the City regulator, along with John Anderson and Kenneth Peacock.
Pruthi must pay £89,798,938.42, Anderson £13,197,076.15 and Peacock £11,645,052.99 - a total of £114.6m
They are alleged to be behind a bogus high-yield fund in which 600 investors may have lost a combined £250m.
The FSA pledges to return money that can be retrieved to investors who had dealings with Pruthi, Anderson and Peacock, but it warns previous cases of this type suggest it is "unlikely" money will be repaid in part or at all.
In May 2009, City of London Police arrested three people on suspicion of conspiracy to defraud, money laundering and fraud by misrepresentation. A fourth individual was arrested in July.
Its investigations centred around the activities of three firms: Business Consulting International (BCI), John Anderson Consulting and Kenneth Peacock Consulting. The FSA says police inquiries into Mayfair-based BCI are ongoing.
Margaret Cole, FSA director of enforcement and financial crime, says: "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.
"However, this case again emphasises the importance of taking care to ensure that any firm or individual consumers deal with are authorised or approved by the FSA.
"Authorisation offers consumers valuable protection and access to complaints and compensation arrangements should anything go wrong."
SLA's share price has almost halved since merger
Three shifts in sector
Takeover rumours continue
Raised £116m in total
Protecting and dividing family wealth