The victims of former investment adviser Richard Faithfull have been told to get in contact with the Financial Conduct Authority (FCA) by 12 September 2022.
The regulator said this is because it is rounding all the people that may be due redress ahead of a confiscation hearing against the ex-adviser.
Faithfull was sentenced to five years and 10 months in prison in September 2021 for laundering £2.5m ($2.95m, €2.94m) as part of a trans-national organised crime group which laundered the proceeds of at least seven professionally-run overseas investment frauds.
He was also disqualified from being a company director for 10 years.
As part of the proceedings, the court will make a confiscation order against Faithfull, the FCA said, “once it has determined how much he benefitted from offending and the value of his current assets”.
The hearing will be held at Southwark Crown Court on 13 October 2022.
Compensation claims
As a result, the regulator is urging any individual who believes they may have suffered a loss because of Faithfull’s conduct to get in touch.
More specifically, it wants to hear from people who made payments to the seven overseas investment frauds, which include:
- Faithfull Investments Limited;
- Global Edge Consulting Limited;
- AG Capital Limited;
- Meadows Financial Limited;
- SFM Management Limited;
- Corbett and White Limited; and
- AVE Star FZE.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “Mr Faithfull showed little compassion for those affected by his crimes and I want to ensure that anyone who may have lost money as a result of his offending is able to submit a claim for compensation.”
