A man who was jailed for defrauding 300 investors through a trading scam has been ordered to pay more than £30,000 to avoid a longer sentence.
Benjamin Wilson was sentenced to seven years jail in 2014 after running a scam through an unauthorised Dorset frim.
Wilson took £21.8m from investors between 2003 and 2010, many of whom were personal friends.
The FCA says that the value of the confiscation order against Wilson will increase from £1 to £31,905.33 and must be paid within 28 days.
If Wilson does not pay, he will face a further 14 months in prison.
The original confiscation order of £1 was imposed after it was determined at the time of arrest that Wilson did not have further funds due to bankruptcy and civil proceedings costs.
The amount of the increased confiscation order represents the funds currently in Wilson’s Santander bank account, and was paid out by the John Lewis Partnership on the death of his mother in 2015.
FCA enforcement and market oversight executive director Mark Steward says: “Wilson’s activities defrauded over 300 victims and today’s outcome sends a clear message that crime does not pay. The FCA will continue to take steps to ensure that assets are confiscated from those who benefit from their criminal conduct, including seeking increased confiscation orders, where appropriate.”
Wilson is four and a half years into the prison sentence.