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FCA brings criminal case over unauthorised investment scheme

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.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. So this rogue company kicked off almost a decade ago and only recently has the FCA embarked on a criminal prosecution? Shouldn’t it be somewhat quicker off the mark?

    Our expectation is that as regulators integrate the Code’s standards into their regulatory culture and processes, they will become more efficient and effective in their work. They will be able to use their resources in a way that gets the most value out of the effort that they make, whilst delivering significant benefits to low risk and compliant businesses through better focussed inspection activity, increased use of advice for businesses, and lower compliance costs.

    Whatever happened to all that? Studiously ignored.

  2. Fair comment Julian, but you could also ask why have the FCA allowed such companies as Wonga and their ‘Payday Loans’ charging thousands of % to those who cannot afford to live, let alone keep up with the repayments…

    I understand that they have recently capped these loans @ 24% per month per £100 borrowed… still ridiculously expensive and I believe the whole concept shouldn’t be allowed!

    Oh and what about those companies that promote investment in Fine Wines, or Art, these companies never seem to produce profits for investors, just huge losses and continue to trade?

  3. Julian Stevens 23rd July 2014 at 9:13 pm

    The FSA/FCA didn’t allow any PayDay lenders to do anything ~ until recently, they weren’t responsible for regulating them, but, under Martin Wheatley, that looks set to change dramatically.

  4. What is possibly more disturbing is that when members of the advisory community or the public – alert the FCA/FSA of apparently ‘inappropriate’ trading situations, the Regulator doesn’t act more quickly and decisively.

    These could simply be regulatory abuses or downright fraud like boiler rooms where certain actions could have been taken from the very early days reports starting arriving.

    I hope that these days, actions are being taken far more speedily.

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