Mr Mohammed Kabir has agreed to orders to resolve proceedings brought by the Financial Conduct Authority (FCA) relating to an unauthorised deposit taking scheme operated by Bright Managment Solution Limited [sic] (Bright Management) which has avoided a trial that was due to start in June 2022.
The FCA began court proceedings in December 2019 against Bright Management and six defendants for taking money from the public for different projects, including forex and crypto-asset trading, without the required FCA authorisation. The FCA also alleged misleading statements and marketing about the nature of the investments Bright Management was offering.
The FCA sought orders to stop the activities continuing, to freeze up to £1.3m in assets, declarations of breaches and the return of money to victims.
In early 2021, five other defendants in the case, (Bright Management, Soccer League International Limited (SLIL), Mohammed Zakir Hussain, Mohammed Abdul Kahhar and Kayes Miah) accepted the FCA’s claim in its entirety and were ordered to pay an interim restitution sum of just over £676,000. An order continuing the freeze on their assets was also granted.
The final defendant, Mr Kabir, has now accepted that he was knowingly concerned in Bright Management’s unauthorised deposit taking, that he recklessly made misleading statements, and that he was knowingly concerned in the misleading statements and impressions made by Bright Management, although believing Bright Management to have recklessly made them.
The High Court has now made an order reflecting these points.
Mr Kabir has also agreed to contribute towards the money to be repaid to those who invested in Bright Management.
A hearing to address the total value of the FCA’s claim against all the Defendants had previously been stayed pending Mr Kabir’s trial. This stay will now be lifted. The FCA will provide further updates in respect of any future hearings and/or distribution of funds to affected investors.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA said:
'We are pleased that Mr Kabir, and the other defendants, have admitted their wrong-doing and we will be able to get some money back for those who parted with their hard-earned cash.'
Notes to editors
- Soccer League UK Limited was compulsorily dissolved at Companies House in January 2021.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Previous press releases: The FCA commences civil proceedings in relation to alleged unauthorised deposit takers[1] and FCA secures interim restitution order against illegal deposit takers[2].
- Find out more information about the FCA.