FSA obtains interim injunction to halt unauthorised deposit-taker
The Financial Service Authority (FSA) has obtained an interim injunction at the High Court against Stuart Carl Mudge and Anthony John Lewis regarding their involvement in the Churchgate Trading Syndicate (Churchgate).
The injunction prevents them from accepting any further investments into Churchgate, or making any new trades on behalf of the syndicate with investor funds. Assets belonging to both Mudge and Lewis have also been frozen.
The FSA has taken this action to protect UK consumers and investors with Churchgate because it appears that since September 2010, Mudge either personally or trading as the Churchgate Trading Syndicate and Lewis have accepted approximately £5m from UK investors by promising a guaranteed return generated by trading in spread betting.
The FSA is concerned that Mudge and Lewis may have been engaging in these activities without the necessary approval from the FSA. By not having the necessary approval by the FSA, investor funds may have been put at risk as investors may not claim compensation from the Financial Services Compensation Scheme or make a complaint to the Financial Ombudsman Service.
The FSA is continuing its investigation.