The United Kingdom FCA (Financial Council Authority) announced in a statement on Thursday that Richard Faithfull was charged with money laundering and thus sentenced to five years and ten months imprisonment. Based on a press release of the authority, the person has been stripped of holding any director role in any company for the next ten years.
The investigation, which was pursued by the British authorities, revealed that Robert Faithfull laundered about 2.5 million GBP, which has been part of an organized crime group for more than 12 months. The proceeds of the fund came from seven investment fraud schemes overseas.
The Financial watchdog noted that such operation is very sophisticated because the individual had to use multiple accounts and some companies’ names in different jurisdictions.
The Financial Council Authority stated, “Robert Faithfull deployed the knowledge he gained from his involvement in the regulated sector as an investment advisor in helping fraudsters. Victims were defrauded by these fraudsters by paying unreal dividends from bank accounts under his custody in a bid to make it look like the whole investment activities were generating profits. Eventually, he involved many innocent parties in furthering his criminal enterprise.”
Boycotting the United Kingdom Authorities Detection
In addition, Faithfull moved to Ukraine, where he began to live an extravagant life and bypassed any detection of the British Authorities. The Financial Council Authority mentioned that local criminal groups were involved in his enterprise as they assisted with his relocation, but not quite long after, he was arrested.
The Executive Director of Enforcement and Market Oversight at the FCA, Mark Steward, said in a comment, “These actions perpetuated by Mr. Robert Faithfull revealed no compassion for those defrauded as he was only concerned with making a profit for himself and the group involved. The FCA reiterated that their job is to bring justice to those that are breaking the law. We are using this medium to remind investors to be diligent in checking the FCA’s register before making any decision on an investment.”
However, Robert Faithfull pleaded guilty earlier to his offenses on the 16th of April, 2021 but eventually, in a trial, he reduced his roles in the operation, leading to his plea rejection by the FCA.