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A 46-year-old man pleaded responsible to fraud right now at Southwark Crown Court docket following a prosecution introduced by the Monetary Conduct Authority (FCA).
Man Flintham, based mostly in Blackburn, Lancashire, defrauded round 240 buyers by making false representations to influence them to speculate roughly £19m in an funding scheme operated by him between January 2016 and November 2021.
Mr Flintham made quite a lot of fraudulent claims to buyers, together with about how the scheme was operated and the income they might and had been making by way of the scheme.
He additionally falsified paperwork in an effort to help a few of his claims, the FCA mentioned.
Sentencing of Mr Flintham will happen on 26 April.
Mr Flintham pleaded not responsible to an extra depend of carrying on regulated exercise with out authorisation or exemption, opposite to the Monetary Companies and Markets Act 2000.
He had earlier appeared at Westminster Magistrates’ Court docket on 22 January the place he didn’t point out a plea in respect of the fraud offence however pleaded not responsible to the carrying on regulated actions offence.
Fraud by false illustration is punishable by a tremendous and/or as much as 10 years’ in jail.
Carrying on regulated actions with out authorisation is opposite to part 23 of the Monetary Companies and Markets Act 2000 and is punishable by a tremendous and/or as much as 2 years’ imprisonment.
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