Financial Conduct Authority - 4 Years Imprisonment for Fraudulent Trading
Financial Conduct Authority | 4 Years Imprisonment for Fraudulent Trading | Sanctuary Law’s Financial Crime Team
28th August 2021
Ian James Hudson was sentenced to 4 years imprisonment on 26th July 2021 at Southwark Crown Court for one count of fraudulent trading, in addition to 14 months for two further counts of breaching section 19 of the Financial Services and Markets Act 2000 (FSMA).
Criminal Proceedings | Sanctuary Law’s Financial Crime Team
Following his guilty please, Mr Hudson’s sentences are to run concurrently. These sentences follow charges brought by the Financial Conduct Authority (FCA) in relation to carrying on a business, Richmond Associates, for a fraudulent purpose and carrying on regulated activities without authorisation or exemption from authorisation.
Mr Hudson was charged with participating in a fraudulent business, Richmond Associates contrary to section 9 Fraud Act 2006; carrying on a regulated activity (accepting deposits) without authorisation or exemption contrary to section 23(1) FSMA, and carrying on a regulated activity (advising on investments) without authorisation or exemption contrary to section 23(1) FSMA between January 2008 and July 2019.
The FCA announced on 20th May 2021 that it had commenced criminal proceedings against Mr Hudson following their investigation into unregulated advice. Following the conviction, the FCA have confirmed that they are now pursuing confiscation proceedings. Any sums of money recovered from Mr Hudson will be used to compensate his victims.
Sanctuary Law can help
Sanctuary Law has a wealth of experience in criminal defence and is uniquely placed to support clients that are the subject of an FCA, SFO, or HMRC investigation and prosecution.
Should you wish to discuss the services we offer further please contact Dhaya Kathiravan at Dhaya.Kathiravan@sanctuarylaw.com or call us on 08000 235295 or 07946564329.
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