Investors are set to receive more than half a million pounds back after the Financial Conduct Authority recovered funds through the courts.
The High Court has granted a distribution order to the regulator which means investors will receive money back totalling £533,000.
The FCA recovered the money from Bright, Soccer League International Limited, and three individual defendants, Mohammed Zakir Hussain, Mohammed Abdul Kahhar and Kayes Miah – all of whom accepted the FCA’s claim against them.
Two further defendants, Mohammed Abdul Kabir and his company Soccer League UK Limited, initially opposed the FCA’s claim.
Kabir later settled, agreeing to contribute £100,000.
Kabir has until 7 October 2026 to pay this sum and the FCA expects to make a further distribution to those who had paid money to Bright.
The FCA began court proceedings in December 2019 against Bright Management and six defendants for taking money from the public for different projects, including forex and crypto-asset trading, without the required FCA authorisation.
The FCA also alleged misleading statements and marketing about the nature of the investments Bright Management was offering.
Consumers who are known to the FCA will be contacted directly, however, anyone who thinks they have a claim and has not been in contact with the FCA before can contact the FCA about the proposed distribution order.
tara.o'connor@ft.com
