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FCA Begins Criminal Proceedings Against Investment Fraudsters

FCA Begins Criminal Proceedings Against Investment Fraudsters
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The Financial Conduct Authority (FCA) has recently initiated criminal proceedings against four individuals on charges of fraud, carrying out regulated activity without authorisation, money laundering, possession of false identity documents, and perverting the course of justice offences. The FCA alleges that the defendants were involved in a two-year-long scheme to defraud investors of approximately £1.4 million using investment schemes that were not genuine.

The defendants named in the case are Raymondip Bedi, Patrick Mavanga, Nicholas Harper, and Rowena Bedi. The FCA alleges that the four conspired to defraud others and persuade them to invest in schemes such as Astaria Group LLP, an unauthorised clone of Capital Partner(s) Group, CCX Capital, and an unauthorised clone of Ian Buckley Financial Services. The FCA asks that anyone who made an investment with one of these schemes and has not previously spoken to them, to contact them.

The charges against the defendants are serious and carry severe consequences. If found guilty, the defendants could face significant fines, imprisonment, and criminal records. This case highlights the importance of conducting thorough due diligence on investment schemes and verifying that the firms offering them are authorised by the FCA to carry out regulated activities.

The FCA’s action against the defendants serves as a reminder to investors to exercise caution when investing in schemes that promise high returns or seem too good to be true. It is crucial to verify the authenticity of the investment scheme and the firm offering it before making any financial commitments. Investors should conduct research, seek professional advice, and only invest money they can afford to lose. The regulator takes financial crime seriously and continues to work to protect consumers and maintain the integrity of the financial services industry. Firms can further support the FCA’s efforts by ensuring they have robust compliance policies and procedures in place and seeking guidance from compliance experts such as Neopay.

How Neopay can help

At Neopay we assist firms in ensuring they are compliant with FCA regulations, including authorisation requirements, anti-money laundering policies, and fraud prevention measures. Our team of experts can provide guidance on regulatory compliance, risk management, and due diligence to help firms avoid falling foul of the law and protect their reputation. To find out more about how we can support your business, click here.

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