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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
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Rapid Response Team: 0800 559 3500
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Money Laundering: The FCA's Attempts To Find Victims

Author: Zulfi Meerza  5 September 2022

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.

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Zulfi Meerza

Senior Associate Solicitor

zulfi.meerza@rahmanravelli.co.uk
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Zulfi’s in-depth expertise in business crime investigations and serious regulatory matters makes him a logical choice to advise and represent corporates, board members, senior business figures and high net worth individuals throughout the life of a case.

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