The Financial Conduct Authority has urged victims of £2.5m boiler room investment fraudster Richard Faithfull to come forward by 12 September to ensure they are part of any claim for compensation.
Mr Faithfull was found guilty in September 2021 of money laundering as part of a ‘trans-national organised crime group.’
He was found guilty of laundering the proceeds of at least seven professionally-run overseas investment frauds and was sentenced to five years and ten months in prison. He was also disqualified from being a company director for 10 years.
Mr Faithfull was involved in laundering up to £2.5m for a UK ‘boiler room’ investment operation which pushed worthless shares between June 2017 and August 2018.
The former investment adviser and stockbroker was caught following a joint investigation by the Financial Conduct Authority and the City of London Police.
After the crime, to avoid detection he fled to Ukraine and lived a life of luxury while continuing his criminal activities, enlisting the assistance of local criminal groups abroad.
On 13 October Southwark Crown Court is set to make a Confiscation Order against Mr Faithfull, once it has determined how much he benefitted from his offending and the value of his current assets.
The FCA is urging any individual who believes they may have suffered a loss directly linked to Richard Faithfull’s offending to contact the FCA urgently if they have not done so yet.
The FCA is asking anyone who made payments to the following bank accounts between 1 June 2017 and 1 August 2018 to contact the FCA:
- Faithfull Investments Limited (63019667; 73188825; 43871401; 80389994; 33260763; 20331791; 55420660; 56129860; 56130560; 56130968; 56932766);
- Global Edge Consulting Limited (20051247, 30656960);
- AG Capital Limited (20056281);
- Meadows Financial Limited (20064365)
- SFM Management Limited (20064349);
- Corbett and White Limited (30917160); and
- AVE Star FZE (1015338763901, 1025338763902 and 1025338763903)
Any victims or concerned individuals can contact the FCA at: This email address is being protected from spambots. You need JavaScript enabled to view it. or write to the FCA at: The Operation Delta Team, Unauthorised Business Department, Financial Conduct Authority, 12 Endeavour Square, London. E20 1JN.
