The FCA has commenced a criminal prosecution against Phillip Boakes for operating an unauthorised investment scheme.
Boakes faces 13 charges, including six counts of fraud, for operating a scheme that claimed to carry out foreign exchange trading for the benefit of its investors.
The alleged offences relate to Boakes’ company Currencytrader Limited, which he operated between 1 October 2004 and 4 June 2013.
The alleged offences are: accepting deposits without authorisation or exemption, being party to the carrying on of a business for a fraudulent purpose, theft, six counts of fraud and three counts of using a false instrument.
Boakes’ first court appearance was at City of London Magistrates’ Court yesterday.
The case was passed to Southwark Crown Court with the first preliminary hearing scheduled for 5 August.