The UK Financial Conduct Authority (FCA) has issued an order prohibiting Tyrone Miller from performing any function in relation to any regulated activity carried on by any authorized person, exempt person or exempt professional firm.
Following civil proceedings brought by the Authority in the High Court, the High Court held that Mr Miller was knowingly concerned in multiple contraventions of sections 19 and 21 of the Act by two companies operating as a joint venture as Gemini, that it was deemed that was a director between 25 January 2015 and 18 November 2015.
On 6 May 2020, Mr Miller was ordered by the High Court to pay the Authority £1,207,050 on a joint basis, representing losses suffered by investors in relation to their investment in OPR through Gemini.
Mr Miller failed to satisfy the Order and the Authority applied to the High Court to declare him bankrupt. On March 23, 2021, a bankruptcy order was entered against Mr. Miller.
The FCA concluded that Mr Miller 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 breach of the Act demonstrate a clear and serious lack of integrity such that Mr Miller is not fit and proper to engage in regulated activities.
In making this decision, the Authority took into account all relevant circumstances, including Mr Miller’s previous status as a person regulated by the Authority, and the seriousness of the risk Mr Miller poses to consumers and financial institutions and confidence in the market in general. The Authority considers that it is appropriate to impose the injunction in order to achieve its consumer protection and integrity objectives.