FCA News

FCA secures confiscation order totalling over £170,000 against convicted fraudster

This follows an FCA prosecution in which Mr Virdee was sentenced to a 2-year prison sentence suspended for 2 years for defrauding investors of over £600,000. The conviction related to misleading consumers, fraud and the illegal operation of an unauthorised investment scheme worth over half a million pounds.  The effect of the confiscation order is to confiscate all Mr Virdee’s criminal proceeds.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:

‘This confiscation will go some way to compensating Mr Virdee’s victims whom he misled and defrauded. The FCA reminds investors to beware of anyone who is not authorised to carry out the activities they are offering.’

The Court found that Mr Virdee had derived a benefit of £666,730.58 from his criminal conduct, but that the total realisable assets for confiscation were £171.913.60. Mr Virdee lost the rest of the victims’ monies through unsuccessful FX trading and maintaining his lifestyle.

The monies will be used to compensate the 24 victims of his crimes who lost in the region of £650,000 in total.

If Mr Virdee doesn’t pay the confiscation order on time, he is liable to be sentenced to a further 2 years in prison.

Notes to editors

  1. The FCA’s press release in relation to the prosecution action dated 5 January 2019.
  2. Find out more information about the FCA.

Original Article Here

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.