Documented Case

Bright Management Solution Limited

The FCA brought High Court proceedings over deposits taken from the public for forex and cryptoasset projects without authorisation, securing an interim restitution order of just over £676,000.

Investment type: Unauthorised deposit-taking for forex and cryptoasset projects
Documented investor losses: Interim restitution order of just over £676,000 (FCA)
Date / period: Proceedings from December 2019; restitution order February 2021
Relevant organisation: Financial Conduct Authority / High Court
Nature of the matter: Unauthorised activity — civil restitution proceedings

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Background

The FCA brought civil proceedings against Bright Management Solution Limited and associated individuals in relation to money accepted from members of the public for investment projects including foreign exchange trading and cryptoassets.

Accepting deposits from the public is a regulated activity that requires FCA authorisation.

What investors were promised

Investors were offered returns from pooled investment in forex trading and cryptoasset projects.

How the scheme operated

Funds were accepted from the public as deposits or investments without the authorisation required under the Financial Services and Markets Act 2000.

Legal developments

In February 2021 the High Court granted an interim restitution order of just over £676,000 against five defendants, with the company and three individuals held jointly and severally liable to repay investors.

Proceedings against a further defendant were resolved by agreed orders in 2022.

What the case demonstrates

The case shows the FCA using civil restitution powers, rather than criminal prosecution, to require repayment to investors — an important route where the priority is returning money rather than punishing conduct.

Key Lesson

Where a firm has accepted money without authorisation, restitution through the courts can be a realistic route, and the regulator's own proceedings may assist affected investors.

Source & Further Information

FCA secures interim restitution order against illegal deposit takers
Financial Conduct Authority — published 3 February 2021
View the official source

These case studies summarise matters recorded in public sources including FCA publications, Insolvency Service and Serious Fraud Office material on GOV.UK, court judgments and the Companies House register. They are provided for information only, are not legal advice, and do not describe work carried out by BJM Recovery Ltd for any client. Where an investigation or set of proceedings remains open, the position stated is the position recorded at the date of the cited source.

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How We Approach Investment Loss Cases

Every investment recovery matter is assessed individually. The circumstances of the investment, the available evidence, the parties involved and the applicable recovery process will determine the appropriate course of action.

Our starting point in any matter is the documentation. We reconstruct the investment chronologically from agreements, payment records, statements, correspondence and marketing material, and we establish precisely which entities and individuals were involved at each stage, and in what capacity.

We then examine what is on the public record: the Companies House position, any insolvency appointments, regulatory publications, enforcement action and court proceedings. Public records frequently determine which routes remain open, whether that is a creditor claim in an insolvency, a claim against a regulated party in the advice or pension chain, participation in a distribution administered by a regulator, or civil proceedings.

Where a matter has been formally referred to us, we deal with the referring organisation directly and work within the process that applies to that referral.

If you have lost money through an investment that has failed, become insolvent or stopped communicating, we can review the information available and set out the position clearly.

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Have you experienced something similar?

Investment losses can be complex and every situation is different. If you have lost money through an investment that has failed, become insolvent or stopped communicating, our team can assess the information available and discuss the potential next steps.

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