British fraudster Phillip Harold Boakes has been brought to book by the Financial Conduct Authority (FCA) today after he bilked retail investors out of their funds via his company Currencytrader Ltd.
The FCA has commenced a criminal prosecution against Mr. Boakes, alleging 13 offences relating to an unauthorized investment scheme which he operated between October 1, 2004 and Jne 4, 2013.
Alarmingly, Mr. Boakes managed to operate his illicit business for nine years before feeling the long arm of the law, however, his activities were brought to an end by a court appearance yesterday at City of London Magistrates’ Court after which the case was passed to Southwark Crown Court with the first preliminary hearing scheduled for August 5, 2014. Under British law, the Crown Court has greater ability to prosecute criminals than the Magistrates’ Court, thus by transferring the case forthwith, a criminal sentencing is likely.
Mr. Boakes, of Stratford-upon-Avon, Warwickshire, is accused of the following offences:
– Accepting deposits without authorisation or exemption, contrary to sections 19 and 23 of the Financial Services and Markets Act 2000
– Being party to the carrying on of a business, namely Currencytrader Limited, for a fraudulent purpose, contrary to section 458 of the Companies Act 1985 and section 993 of the Companies Act 2006
– Theft, contrary to section 1(1) of the Theft Act 1968
– Six counts of fraud, contrary to section 1 of the Fraud Act 2006
– Three counts of using a false instrument, contrary to section 3 of the Forgery and Counterfeiting Act 1981.
The FCA is well recognized as one of the world’s most stringent regulators and has a duty to maintain its position as the authority that oversees London’s financial markets economy, which is the largest worldwide. Therefore, if found guilty, Mr. Boakes’ citation by the British regulator is likely to result in a stiff penalty.