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The Financial Conduct Authority (FCA) has obtained a confiscation order against Guy Flintham, a convicted fraudster, in the amount of £5,963,376.15. Flintham is currently serving a six-year prison sentence after pleading guilty to fraud by false representation, having deceived over 240 investors through a fraudulent investment scheme.
Flintham’s scheme involved making false claims to investors about the operation and profitability of the investment, supported by falsified documents. The court assessed Flintham’s criminal benefit from the scheme at £23,932,204.84. The confiscation order represents the amount the court determined he could repay, based on available assets. The funds recovered will be allocated to compensate the victims of his fraudulent activities.
In addition to the financial penalty, the court has set a default prison sentence of two years for Flintham. This sentence will be enforced if he fails to comply with the confiscation order within three months, extending his current imprisonment.
Steve Smart, the joint executive director of enforcement and market oversight at the FCA, commented on the case, emphasizing the message it sends to fraudsters about the consequences of their actions, even while incarcerated. The FCA’s efforts demonstrate the agency’s commitment to pursuing financial justice and safeguarding investors.
The FCA is in the process of reaching out to the identified victims to provide them with additional information regarding the case and the steps being taken to distribute the confiscated funds. This action marks a significant step in addressing the harm caused by Flintham’s fraudulent scheme and underscores the regulator’s resolve to combat financial crime.
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