Tuesday, November 29, 2022
HomeFinancial PlanningFCA prosecutes 5 over alleged £1.2m funding fraud

FCA prosecutes 5 over alleged £1.2m funding fraud

The Monetary Conduct Authority is prosecuting 5 individuals for involvement in an alleged £1.2m ‘binary choices’ funding fraud between 2016 and 2020 and an tried cowl up in 2022.

Cameron Vickers, Raheel Mirza, Opeyemi Solaja, Reuben Akpojaro and Taheer Sardar have all been charged.

Cameron Vickers, Raheel Mirza, Opeyemi Solaja (often known as Opeyemi Olaja) are alleged to have run a London-based firm known as Bespoke Markets Group which defrauded £1.2 million from UK buyers.

It’s alleged that that cash raised was used to fund their life, fairly than the binary choices investments that had been marketed.

Every have been charged with offences beneath the Monetary Companies and Markets Act 2000 (FSMA), the Proceeds of Crime Act 2002 and an offence of conspiracy to defraud opposite to widespread regulation.

In Might 2022, Reuben Akpojaro, who additionally labored at Bespoke Markets Group, was charged with the identical offences referring to the scheme.

The defendants face a most two years’ imprisonment if discovered responsible of breaches of Part 19 of FSMA and will face a fantastic and/or as much as 14 years’ imprisonment if discovered responsible of cash laundering.

Following an utility at Southwark Crown Court docket on 31 October 2022, two prosecutions for alleged funding fraud might be heard as a single trial of 4 defendants. It’s listed to begin on 6 February 2023 with a six to eight weeks time estimate. 

Final month, an extra cost was introduced in opposition to Raheel Mirza and a fifth particular person, Taheer Sardar, for perverting the course of justice referring to the FCA’s investigation. The FCA alleges that between 31 July 2022 and the 1 October 2022, the 2 males created a false doc to affect the case.

Their case was adjourned till 16 November 2022 for a Plea and Trial Preparation Listening to.

Binary choices are a high-risk ‘all-or-nothing’ sort of funding, the watchdog stated, which have been banned for retail use since 2019. The investor will try to predict whether or not an occasion will occur or not. In the event that they win, they’ll see a return, but when they’re unsuitable, they’ll lose all their funding.

As a part of the FCA’s three-year technique, the regulator is dedicated to lowering and stopping conduct that may trigger critical hurt. The FCA not too long ago introduced that it had positioned restrictions on twice as many companies within the funding market in comparison with final yr.



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