The UK Financial Conduct Authority announced that convicted money launderer Richard Faithfull was recently sentenced to extra prison time for failing to pay amounts owed in connection with his 2021 conviction. According to the FCA, Faithfull was sentenced on May 8, 2026, to serve an additional 499 days in prison for failing to pay money owed under a confiscation order. Faithfull, a former stockbroker and investment advisor, has allegedly paid only £349,214.37 after being ordered to pay £529,961 by the court. According to the FCA, all sums recovered from Faithfull will be used to compensate the victims of his crimes.
In 2021, Faithfull was sentenced to 5 years and 10 months in prison for his role in a scheme in which a transnational organized crime group laundered £2.5 million in proceeds from at least seven overseas investment funds, between 2017 and 2018. On April 16, 2021, Faithfull pleaded guilty to money laundering, which was considered a “serious offending” contrary to s.327 Proceeds of Crime Act 2002. In 2023, the Southwark Crown Court imposed a confiscation order of more than £562,000 after finding that Faithfull’s criminal benefit was more than £4.1 million. At the time, Faithfull was ordered to pay £563,636 within three months or risk having an additional four years added to his sentence. According to the FCA, Faithfull was released from prison in June 2025.