The FCA has secured a confiscation order totalling £291,070 against convicted fraudster, Mark Starling.
The order, made at Southwark Crown Court, followed the regulator’s prosecution in which Starling was sentenced to 5 years’ imprisonment for defrauding investors of approximately £3m for unauthorised investment schemes he operated between 2008 and 2017.
The Court found that Starling had gained £3,010,982.18 from his criminal conduct, but that the total realisable assets for confiscation was £291,070.36. The FCA revealed Starling had spent the rest of the victims’ money maintaining his comfortable lifestyle.
The money will be used to compensate the 14 victims of his crimes who lost around £1.8 million in total.
FCA executive director of enforcement and market oversight, Mark Steward, commented: “The FCA will continue to take steps to ensure that proceeds of criminal activity are confiscated from the criminals we prosecute so that victims can be compensated as far as possible.”
The FCA announced that if Starling does not pay the confiscation order on time, he is liable to spend a further two and a half years in prison.
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