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Zulfi Meerza, Of Financial Crime Specialists Rahman Ravelli, Outlines The Financial Conduct Authority’s Attempts To Find Victims Of A Money Launderer – White Collar Crime, Anti-Corruption & Fraud



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The
Financial Conduct Authority (FCA)
is seeking those who lost
money to a convicted money launderer

Former investment advisor Richard Faithfull was sentenced to
five years and 10 months in prison. He was convicted of money
laundering after assisting fraudsters by tricking victims into
thinking their investments were generating income.

Faithfull assured investors that fake dividend payments from
bank accounts that he controlled were achieving good returns. But
the money flowing into the accounts was not being invested.
Faithfull sought the help of criminal groups abroad to carry out
his crimes and lived in Ukraine to avoid detection.

The FCA is encouraging those who have been affected by
Faithfull’s activities to come forward. This includes anyone
who made payments between 1st June 2017 and 1st August 2018 into
the following bank accounts: Faithfull Investments Limited, Global
Edge Consulting Limited, AG Capital Limited, Meadows Financial
Limited, SFM Management Limited, Corbett and White Limited and AVE
Star FZE.

The FCA asks that victims contact them so that a claim for
compensation can be made. The court is yet to understand the full
extent to which Faithfull benefited, but once this has been
established, a confiscation order will be issued.

The case is a clear illustration of the FCA’s increased
appetite for prosecuting criminal offences and seeing cases through
to the end by way of confiscation proceedings. This ensures that
those who have lost money as a result of such criminal activity are
compensated and that justice is secured.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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