On 29 July 2022 at Southwark Crown Court, Mr. Larry Barreto pleaded guilty to two counts of carrying on regulated activities without authorization.

The charges relate to advice provided and arrangements made regarding a series of regulated mortgage contracts between June 2014 and March 2018. Mr. Barreto is an unauthorized and prohibited person and as such could not provide regulated financial services.

Mr. Barreto is also charged, along with Mr. Tassib Hussain, with an offense of committing fraud by false representation. They both deny committing this offense and will face trial on 23 October 2023.

Sentencing for the offenses of carrying on unauthorized business will take place after the conclusion of the trial for the fraud offense.