The UK Financial Conduct Authority (FCA) has made 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 before the High Court of Justice, the High Court ruled that Mr Mongelard was knowingly concerned in multiple contraventions of sections 19 and 21 of the Act, and of section 89 of the FSA 2012 by two companies operated as a joint business and trading as Gemini, that he was deemed to be the director of between 25 January 2015 and 18 November 2015.
On 6 May 2020, Mr Mongelard was ordered by the High Court to pay to the Authority £1,207,050 on a joint and several basis, representing the losses suffered by investors in respect of their investment into Gemini. Mr Mongelard failed to satisfy the Order and the Authority made an application to the High Court to petition for his bankruptcy. A bankruptcy order was made against Mr Mongelard on 6 April 2021.
The FCA concluded that Mr Mongelard is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm. The adverse findings by the High Court concerning contraventions of the Act and of the FSA 2012, demonstrate a clear and serious lack of integrity, such that Mr Mongelard is not fit and proper to perform regulated activities.
In concluding that it is appropriate to impose the prohibition order, the Authority has had regard to all the relevant circumstances, including Mr Mongelard’s previous status as an individual regulated by the Authority, and the severity of the risk posed by Mr Mongelard to consumers and financial institutions and to confidence in the UK financial system.
