The UK Financial Conduct Authority (FCA) has issued an order prohibiting Clive Harris Mongelard aka Clive Harris aka Clive Lindsey from performing any function in relation to any regulated activity.
Following civil proceedings brought by the FCA in the High Court of Justice, the High Court found that Mr Mongelard was knowingly concerned in multiple breaches of sections 19 and 21 of the Act and section 89 of the FSA 2012 by two companies operating as a joint venture and trading as Gemini, of which he was believed to be a director between 25 January 2015 and 18 November 2015.
On 6 May 2020, Mr Mongelard was ordered by the High Court to pay the Authority £1,207,050 on a joint basis, representing the losses suffered by the investors in relation to their investment in Gemini. Mr Mongelard failed to satisfy the Order and the Authority applied to the High Court to declare him bankrupt. On April 6, 2021, a bankruptcy order was issued against Mr. Mongelard.
The FCA has concluded that Mr Mongelard is not fit and proper to perform any function in relation to any regulated activity carried on by any authorized person, exempt person or exempt professional firm. The High Court’s adverse findings of breaches of the Act and the FSA 2012 demonstrate a clear and serious lack of integrity such that Mr Mongelard is not fit and proper to carry out regulated activities.
In concluding that it is appropriate to impose the prohibition order, the Authority took into account all the relevant circumstances, including Mr Mongelard’s previous status as a person controlled by the Authority and the seriousness of the risk Mr Mongelard posed to consumers and the economics of confidence in the UK financial system.