The Financial Conduct Authority (FCA) has charged Guy Flintham, 46, for fraud by false representation and for carrying out regulated activity without authorisation.
The regulator has alleged that between January 2016 and November 2021, Flintham, based in Blackburn, defrauded around 240 investors by making false representations to persuade them to invest approximately £19m in an investment scheme operated by him.
Flintham made a number of fraudulent claims to investors, including about how the scheme was operated and the profits they could and were making via the scheme.
He also falsified documents in order to support some of his claims.
Fraud by false representation is contrary to section 1 of the Fraud Act 2006 and is punishable by a fine or up to 10 years’ imprisonment.
Furthermore, by accepting funds from investors, Flintham was undertaking the regulated activity of accepting deposits, which he was not authorised to do.
The FCA therefore alleged that, as an unauthorised person, he committed the offence of carrying on regulated activity without being authorised or exempt.
Carrying out regulated activities without authorisation is contrary to section 23 of the Financial Services and Markets Act 2000 and is punishable by a fine or up to two years’ imprisonment.
Flintham appeared in Westminster Magistrates’ Court yesterday (22 January) where he entered a plea of not guilty in respect to the office of carrying out regulated activity without being authorised or exempt. He did not indicate a plea in respect to the fraud offence.
The case was sent to Southwark Crown Court for a plea and trial preparation hearing, which will take place on 19 February 2024.
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