FX Ponzi scheme architect Phillip Boakes banned by FCA, sees prison sentence upheld

A follow-up to LeapRate’s earlier article on legal and regulatory proceedings against Phillip Harold Boakes, the mastermind of a wide-scale Ponzi scheme that defrauded investors of more than £3.5 million…

The Court of Appeal has upheld a sentence of 10 years imprisonment for Mr. Boakes. The verdict follows his conviction in March 2015 on charges prosecuted by the Financial Conduct Authority (FCA).

Mr Boakes was appealing his sentence having pleaded guilty to three counts of using a forged instrument and two counts of fraudulent trading and one count of accepting deposits without authorisation.

FCA_logoLord Justice Jackson stated that Mr Boakes had embarked on a “giant Ponzi scheme” involving very vulnerable victims. Lord Justice Jackson also noted that Mr Boakes had led an extravagant lifestyle. In upholding the sentence, the Court considered that a number of the victims had suffered “life changing loss” and as a result 10 years’ imprisonment was “not a day too long”.

In addition, the FCA has taken confiscation proceedings against Mr Boakes and a Confiscation Order for the sum of £165,731 has been made. The FCA has also imposed a ban on Mr Boakes from performing any function related to any regulated activity.

Mark Steward, director of enforcement and market oversight at the FCA, said:

‘Mr Boakes’ crimes involved serious dishonesty and caused real harm to many innocent investors who are entitled to feel vindicated by the decision of the Court of Appeal and the confiscation of his assets which can be used to compensate his victims.’

The latest announcement from the FCA on the Boakes’ case can be viewed by clicking here.

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