The FCA has prohibited ex-investment adviser and company director Clive Harris Mongelard, aka Clive Harris aka Clive Lindsey, from performing any regulated activity function.
In a final notice statement on 12 July, the regulator said the decision followed civil proceedings brought by the FCA before the High Court of Justice where the High Court ruled that 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, Mongelard was ordered by the High Court to pay to the FCA £1,207,050 on a joint and several basis, representing the losses suffered by investors in respect of their investment into Gemini.
Mongelard failed to satisfy the order and the FCA made an application to the High Court to petition for his bankruptcy. A bankruptcy order was made against Mongelard on 6 April 2021.
The FCA concluded that Mongelard was “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.”
It said the adverse findings by the High Court “demonstrate a clear and serious lack of integrity, such that Mr Mongelard is not fit and proper to perform regulated activities.”
To read the FCA full notice, click here.
