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. ...
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