Author - Laura Wiles

FCA convicts individuals for �1.5m investment fraud

The FCA has secured convictions against two individuals in relation to a �1.5m investment fraud.
Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga defrauded at least 65 investors by cold calling consumers and directing them to a professional-looking website which offered high returns for fake crypto investments.
At an earlier hearing, Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under FSMA and money laundering offences, and Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under FSMA and possession of false identification documents with an improper intention. They will be sentenced at a later date.
The jury were unable to reach a verdict on a third defendant, who will be retrialled in September 2025. A fourth defendant, Rowena Bedi, was acquitted of money laundering, and a further individual, Minas Filippidis is wanted in relation to the same offences.
The FCA has attempted to contact defrauded investors and has drawn attention to its ScamSmart campaign.

07/11/2024

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30/09/2024

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23/09/2024

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23/09/2024

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20/09/2024

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20/09/2024

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19/09/2024

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18/09/2024

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18/09/2024

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18/09/2024

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04/09/2024

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03/09/2024

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03/09/2024

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21/09/2023

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22/08/2023

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18/08/2023

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18/08/2023

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18/08/2023

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16/08/2023

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16/08/2023

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16/08/2023

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08/08/2023

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08/08/2023

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08/08/2023

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28/07/2023

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28/07/2023

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28/07/2023

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28/07/2023

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28/07/2023

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28/07/2023

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28/07/2023

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28/07/2023

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28/07/2023

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27/07/2023

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27/07/2023

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27/07/2023

Government introduces rules on payment account closures and freedom of expression

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21/07/2023

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21/07/2023

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21/07/2023

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21/07/2023

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21/07/2023

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20/07/2023

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20/07/2023

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20/07/2023

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19/07/2023

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18/07/2023

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18/07/2023

FSB publishes global regulatory framework for crypto-asset activities

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18/07/2023

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18/07/2023

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18/07/2023

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17/07/2023

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17/07/2023

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17/07/2023

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13/07/2023

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13/07/2023

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13/07/2023

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13/07/2023

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12/07/2023

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12/07/2023

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12/07/2023

Treasury publishes CCA reform plans

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12/07/2023

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12/07/2023

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12/07/2023

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12/07/2023

Treasury revokes PRIIPs and outlines new UK retail disclosure regime

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12/07/2023

Treasury publishes investment research review

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12/07/2023

LSB publishes SME green finance report

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11/07/2023

PSR consults on APP fraud reimbursement directions

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07/07/2023