Financial

We are providing an update on our progress and looking ahead to identify 4 areas of focus in the coming year.

Financial crime – including fraud, money laundering, sanctions evasion and terrorist financing – does enormous damage to society. It undermines market integrity and consumers’ and market participants’ confidence. Tackling financial crime requires a collective effort – from us, regulated firms, Government, law enforcement and our regulatory partners.

https://www.fca.org.uk/publications/corporate-documents/reducing-and-preventing-financial-crime

Soaring levels of authorised push payments fraud in the UK are turning consumers off digital banking, according to research conducted by Visa.

APP fraud occurs when someone is tricked into transferring money to a fraudster posing as a genuine payee. Total losses due to APP scams exceeded £239 million in the first half of 2023 according to UK Finance, and one-in-three of those surveyed by Visa reported having fallen victim to APP fraud.

https://www.finextra.com/newsarticle/43622/one-in-three-consumers-falling-victim-to-app-fraud---visa

The Financial Conduct Authority has launched criminal proceedings against Guy Flintham for committing fraud by false representation.

Between January 2016 and November 2021, the regulator alleges that Lancashire-based Flintham defrauded around 240 investors by persuading them to invest approximately £19mn in an investment scheme operated by him.

https://www.ftadviser.com/regulation/2024/01/23/individual-charged-with-fraud-over-19mn-unauthorised-investment-scheme/

A gang of investment fraudsters stole more than £1 million from victims using aliases from television hits Suits, The Riot Club and Hart to Hart.

Sujanthan Sotheeswaran, 35, and two accomplices acted as "brokers" on behalf of Choice Option and later Blue Crest Capital Options.

As technology is growing, the crypto industry is extending its roots in the financial sector. The new year, 2024 comes with 3 big cryptocurrency events for which every crypto fan is eagerly staying. In the year 2023, the industry eyeballed many small and major events that had both favorable and adverse influences.

https://www.thecoinrepublic.com/2024/01/21/which-3-big-cryptocurrency-events-will-seek-attention-in-2024/

Two former directors of Raedex Consortium have been charged with fraud over a £88m nationwide car leasing scheme.

Reginald Larry-Cole and Scott Martin were directors of Raedex Consortium, which included companies such as Buy2Let Cars and Paygo Cars.

(Reuters) - A British man accused of allegedly defrauding investors of nearly $100 million through a Ponzi-like scheme involving nonexistent luxury wines pleaded not guilty in a U.S. court on Saturday.

https://uk.news.yahoo.com/british-man-accused-swindling-nearly-004005117.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

A financial advisor who stole almost £2 million from victims by selling bogus investment plans has been jailed.

Stephen Rae was convicted at Newcastle Crown Court in June this year, after admitting he defrauded 16 different clients between June 2014 and January 2016.

City of London Police is urging people to take proper measures online, after whisky investment advertisements on social media left people high and dry.

The lure for potential investors is that you buy a cask of whisky when it is first produced and as the whisky ages in the barrel, it becomes something worth more to the consumer and as such, your initial investment becomes more valuable.

A man accused of fraudulently taking more than £600,000 from a number of local investors is currently standing trial at Swansea Crown Court.

Darryl Evans, currently of no fixed abode, is facing 27 charges of fraud by false representation, and one charge of theft.

https://pembrokeshire-herald.com/86709/trial-opens-for-man-accused-of-600k-investment-fraud/