The latest case report from the FCA;
A convicted money launderer has been sentenced to an additional 499 days in prison for failing to fully pay the money owed under a Confiscation Order.
In 2021, Richard Faithfull, now 36, was sentenced to 5 years and 10 months in prison for laundering £2.5 million, following a prosecution brought by the Financial Conduct Authority (FCA). He was part of a trans-national organised crime group which laundered the proceeds of at least 7 overseas investment frauds.
Mr Faithfull is required to pay back £529,961, based on the Court’s findings on his available assets. However, he has only paid £349,214.37.
When he was originally sentenced, the Judge remarked that Mr Faithfull’s was ‘serious offending’ linked to the ‘human misery caused by boiler room fraud’ and that ‘money coming in (to accounts controlled by Faithfull) was not being invested, it was simply being slaughtered’.
Steve Smart, executive director of enforcement and market oversight at the FCA, said:
“Mr Faithfull’s crimes enabled millions of pounds to be scammed from innocent victims. He tried to evade justice. Now, having failed to repay what he should, it’s right he is put back behind bars.”
The additional prison sentence was activated on Friday 8 May at a City of London Magistrates’ Court hearing.
Mr Faithfull had been released from custody in June 2025.
Even after serving the sentence in default of payment, Mr Faithfull will continue to be liable for the outstanding debt. Money recovered from Mr Faithfull will be used to compensate the victims of his crimes.
Fighting financial crime is a priority under the FCA’s 5-year strategy.
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