The Financial Conduct Authority has announced the imposition of a £562,636 confiscation order against Richard Faithfull, who was convicted in September 2021 of money laundering contrary to s.327 Proceeds of Crime Act 2002.
At the hearing on the money laundering offenses, Faithfull was found to have laundered the proceeds of at least seven investment fraud schemes worth £2.5 million. According to the FCA, Faithfull, a former investment advisor, used his professional knowledge to facilitate the fraud, and moved overseas to evade detection. He was sentenced to a 5 year and 10-month term of imprisonment.
Now, having determined that Faithfull’s criminal benefit was over £4.1 million, Southwark Crown Court imposed a confiscation order in a lower amount based on its assessment of the defendant’s available assets. If Faithfull does not satisfy the confiscation order within three months, a four-year term of imprisonment will be added to his existing sentence.
Sums confiscated from the defendant will be used to compensate victims of the crime. The FCA is continuing to investigate other suspects involved in the matter.