FCA Asks Court To Compensate Illegal Lending Victims

Law360, London (October 31, 2019, 3:11 PM GMT) -- Customers who took out loans with a convicted criminal who lent money to vulnerable consumers without a license should claim compensation, Britain’s finance watchdog said Thursday.

The Financial Conduct Authority said it has begun confiscation proceedings in the Crown Court against Dharam Prakash Gopee, who was convicted of illegal money lending in 2018 and sentenced to 3 1/2 years in prison.

The FCA said any money recovered under a confiscation order, which aims to claw back the proceeds of crime, can be used to compensate Gopee’s victims.

Mark Steward, executive director of enforcement and market oversight at the FCA, said anyone...

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