In 2021 UK stockbroker Richard Faithfull was found guilty of money laundering as part of a trans-national organised crime group, laundering the proceeds of at least seven professionally run overseas investment frauds. He was sentenced to five years and 10 months imprisonment and disqualified from being a company director for 10 years.
The Court will also make a Confiscation Order against Faithfull, once it has determined how much he benefitted from offending and the value of his current assets. Southwark Crown Court has set a date of 13 October 2022 for the final hearing.
The FCA is urging any individual who believes they may have suffered a loss directly linked to Faithfull’s offending to contact the FCA urgently if they have not done so yet.
Richard Faithfull’s money laundering career
Faithfull laundered £2.5million as part of a trans-national organised crime group for longer than 12 months. The operation was sophisticated, utilising multiple accounts and front companies in numerous jurisdictions.
Faithfull was able to use knowledge gained when he worked in the regulated sector – as an investment advisor – to help the fraudsters continue to defraud victims by paying fictional ‘dividends’ from bank accounts controlled by him to make it look as though the underlying investments were generating returns. He also involved innocent parties to help assist with his criminal enterprise.
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To avoid detection he…
