The Financial Conduct Authority (FCA) has launched criminal proceedings against Ian Hudson following an investigation.
Hudson appeared at Westminster Magistrates’ Court in relation to three charges.
These include carrying on a business, namely advice firm Richmond Associates, with the intention to defraud creditors; and carrying out regulated activities, such as advising on investments and accepting deposits, without authorisation.
Richmond Associates was an appointed representative of Zurich Advice Network until 2004, according to the FCA register.
The UK regulator alleges that, between 1 January 2008 and 31 July 2019, Hudson “advised on investments and purported to invest deposits received by him from clients on their behalf”.
He was not authorised by the FCA during this time to undertake these financial services.
Also, Hudson “told clients that the money they deposited with his business would be invested in various financial vehicles or otherwise put to specific uses, this was not always the case”, the FCA said.
Hudson will appear at Southwark Crown Court for a plea and trial preparation hearing on 17 June 2021.
