FCA Seeks £1M In Client Funds From Unauthorized Broker

Law360, London (April 16, 2019, 12:04 PM BST) -- The Financial Conduct Authority has gone to the High Court in London as it seeks to recover more than £1 million ($1.3 million) from an unauthorized broker that allegedly failed to invest the money on behalf of its clients.

The FCA has won permission from the court to delay proceedings as it seeks £1.05 million from London-based XCore Capital Ltd. and its managing director Jonathan Chitty without going to a full trial. Deputy Master Jonathan Arkush stayed proceedings in an order dated April 12 to allow the FCA, which raided XCore’s offices in August, to apply for summary judgment in the...

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