The latest case report from the FCA;
Two individuals have been sentenced to a combined 12 years of imprisonment for their roles in a £1.5m crypto fraud following a prosecution brought by the Financial Conduct Authority (FCA).
Between February 2017 and June 2019, Raymondip Bedi, of Bromley, and Patrick Mavanga, of Peckham, cold-called victims and sold fake investments in crypto. At least 65 investors were defrauded and lost £1,541,799.
Mr Bedi has been sentenced by his Honour Judge Griffiths sitting at Southwark Crown Court to 5 years and 4 months and Mr Mavanga has been sentenced to 6 years and 6 months. Confiscation proceedings are continuing to recover the benefit from the crimes of both defendants.
In sentencing, His Honour Judge Griffiths remarked that Mr Bedi and Mr Mavanga ‘were both leading players in a conspiracy whereby the victims of the fraud were persuaded to invest in crypto currency consultancy’ and ‘you conspired to drive a coach and horses through the regulatory system.’
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:
‘Bedi and Mavanga ruthlessly defrauded dozens of innocent victims, and it is right that they have received these prison sentences. Criminals need to be clear that there is a cost to committing crime and we will seek to make them pay.’
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