Following a summary judgment application brought by the FSA, the High Court found that John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi were in breach of section 19 of the Financial Services and Markets Act 2000 by unlawfully accepting deposits from UK consumers. The judgment relates to the individual’s activities under their trading styles of: Business Consulting International, John Anderson Consulting and Kenneth Peacock Consulting. The Court has determined that the defendants had no real prospect of successfully defending the claim that they had been carrying out this unauthorised activity contrary to the law. Therefore, it will not be necessary for the scheduled full three week trial to take place. A further hearing will take place to establish the sum owed to consumers and is likely to take place in June.

View Kautilya Pruthi, John Anderson and Kenneth Peacock, 25 March 2010