Unlicensed UK Broker Told To Return Clients' Funds To FCA

Law360, London (May 16, 2019, 10:33 PM BST) -- A London judge has ordered an unauthorized broker to pay the Financial Conduct Authority £917,231 ($1.1 million) in restitution for clients' funds that were allegedly spent by the business and never invested.

In her Tuesday ruling granting summary judgment to the FCA, High Court Master Francesca Kaye ordered Jonathan Chrisnadi Chitty and London-based Xcore Capital Ltd. to pay the sum, finding the defendants accepted money from investor clients without having the authorization to do so under the country's Financial Services and Markets Act 2000. The broker did so "knowingly," the judge stated.

The amount the court ordered was calculated by taking the total...

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