The Financial Conduct Authority v Skinner & ors
Thursday 20 January 2022
The Second Defendant/Appellant, Karen Ferreira, appeals the order of Kelyn Bacon QC, sitting as a Deputy High Court Judge, dated 6 May 2020, whereby it was declared that the Appellant was knowingly concerned in Our Price Records Limited’s (`OPR’) contraventions of section 21 of the Financial Services and Markets Act 2000 (`FSMA’) by which OPR made financial promotions in respect of certain fundraising, ordered that that the Appellant shall pay to the Claimant, FCA, by no later than 6 June 2020 the sum of £2,714,514 and made consequential costs orders.
The Appellant was a director of OPR, along with Mr Skinner. Investments in the company were sought and share offerings were promoted to retail investors by marketing agents. The communications wrongly claimed to have been approved by Leigh Carr accountants for section 21 FSMA purposes. The Judge found that Leigh Carr had been tricked into providing the approval letters. Around £3,600,000 was raised. The FCA intervened and OPR went into administration. At the time of the intervention only over £500,000 remained in OPR’s bank account, which was insufficient to repay the investors. Claims were brought by the FCA against 6 Defendants, including the Appellant.