News Ticker

FCA Issues Confiscation Order Against Richard Faithfull

29 July 2023 alastair walker News 0

Latest update from the FCA;

On Friday 28 July 2023, Southwark Crown Court imposed a Confiscation Order of £562,636 against Richard Faithfull following his conviction in September 2021. Mr Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least 7 professionally run overseas investment frauds. 

There’s some background on the multi-million pound boiler room frauds, plus Faithfull’s high life in Ukraine, that bastion of democracy, at the FT site here.

The Court determined that Richard Faithfull’s criminal benefit was £4,130,936, with the Confiscation Order amount being lower at £562,636, based on the Court’s findings as to his available assets. The confiscated funds will be used to compensate the victims of Mr Faithfull’s crimes. The Court imposed a default prison sentence of 4 years on Richard Faithfull, meaning that if he does not satisfy the terms of the Confiscation Order within 3 months, he will serve this further term of imprisonment in addition to the 5 years 10 months he is already serving.

The Financial Conduct Authority (FCA) will now contact the identified victims of Richard Faithfull’s offending to provide further information. The FCA investigation into other suspects linked to the wider organised crime group continues and updates on any significant developments will follow.

About alastair walker 19546 Articles

20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net