Case details for Jonathan Chisnady CHITTY

Name: Jonathan Chisnady CHITTY

Name: Xcore Capital Ltd

Date of Birth: 16 / 7 / 1992

Date Order Starts: 27 / 10 / 2022

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 10851648

Last Known Address: 36 Malt House Place,, , , , ROMFORD,, RM1 1AR

Conduct: 1. Jonathan Chisnady Chitty (“Mr Chitty”) caused Xcore Capital Limited (“Xcore”) to trade from 10 April 2018 to 29 November 2018 with a lack of commercial probity whilst in breach of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and to the detriment of its clients, in that: • Under Article (5)(1)(b) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Xcore’s business of accepting deposits from members of the general public (“the clients”) was a non-exempt “Regulated Activity” that was required by Section 19 of the Act to be authorised by The Financial Conduct Authority (“FCA”). No such authorisation was obtained. • In the period from 10 April 2018 to 4 October 2018 Xcore received deposits from its clients totalling at least £808,000 which Xcore represented would be forwarded directly on receipt to a prime broker to be traded, with guaranteed returns to those clients of 6% per annum paid monthly. • Xcore’s records disclose only £188,775 funds deposited by investors being forwarded to prime brokers, which generated losses. Rather than being invested in equities or forex trading as had been represented, the balance of monies was used to finance the administration of the company and make payments to himself of at least £118,450 and, in the absence of investment income being received, to fund payments to other clients on account of their promised returns. • At the liquidation sums due to clients amounted to at least £977,948 and assets in Xcore’s name to satisfy those liabilities totalled no more than £230,000. 2. He failed to ensure Xcore maintained and/or preserved adequate accounting records or he failed to deliver up such records in the liquidation. As a consequence it is not possible to: • Determine the purpose and recipient(s) of cash drawings totalling £60,559 • Verify the purpose of card and PayPal expenditure totalling £47,546 • Verify the purpose of payments to named individuals totalling £150,004 • Determine the amount due to Xcore by him on his loan account • Determine whether or not any monies were due to HMRC • Determine what sensitive and other personal data of clients was collected by Xcore and • Whether or not Xcore at all times complied with the Data Protection Acts 1998 and 2018 and the General Data Protection Regulation as to the security, retention and destruction of such data. 

This information is correct as at 7 / 10 / 2022

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