UK regulator secures confiscation order against investment fraudster

Maria Nikolova

The Financial Conduct Authority has secured a confiscation order totalling over £170,000 against Manraj Singh Virdee, convicted of investment fraud.

The UK Financial Conduct Authority (FCA) has secured a confiscation order of £171,913.60 against Manraj Singh Virdee, a convicted investment fraudster. The order was issued in Southwark Crown Court on December 16, 2019.

The confiscation order was entered following an FCA prosecution in which Virdee was sentenced to a 2-year prison sentence suspended for 2 years for defrauding investors of over £600,000. The conviction related to misleading consumers, fraud and the illegal operation of an unauthorised investment scheme worth over half a million pounds. The effect of the confiscation order is to confiscate all Mr Virdee’s criminal proceeds.

The Court found that Virdee had gained £666,730.58 from his criminal conduct, but that the total realisable assets for confiscation were £171.913.60. Mr Virdee lost the rest of the victims’ monies through unsuccessful FX trading and maintaining his lifestyle.

The money will be used to compensate the 24 victims of his crimes who lost in the region of £650,000 in total.

If Mr Virdee fails to pay the confiscation order on time, he is liable to be sentenced to a further two years in prison.

In February 2019, Virdee was sentenced at Southwark Crown Court to a 2 year prison sentence suspended for 2 years and he was further ordered to carry out 300 hours of unpaid work in the community. The sentence followed earlier guilty pleas to four charges relating to misleading consumers, fraud and the illegal operation of an unauthorised investment scheme worth over half a million pounds.

Virdee was the sole director of Dynamic UK Trades Ltd and between October 2015 and November 2017 he promoted a deposit taking scheme without authorisation from the FCA mainly targeting wider family and associates. He also entered into an agreement with one investor to manage £192,500 in spread betting trading in which only £10,000 was used as promised.

Virdee received a total of approximately £600,000 in funds from investors some of whom were ‘guaranteed’ returns of up to 100% based on his claimed success as a currency trader. In reality, only £457,119 of those deposits were actually traded by Mr Virdee and almost all of these funds were lost or used to fund Mr Virdee’s lifestyle.

When sentencing Virdee, HHJ Pegden QC agreed with the prosecution’s description that his trading over the two-year period was ‘spectacularly unsuccessful’.

Read this next

blockdag

Unlocking Investment Potential: Introducing MoonBag Presale, the Cryptocurrency Set to Surpass ApeCoin and Bitbot

Discover MoonBag Presale, the cryptocurrency set to surpass ApeCoin and Bitbot. Unlock your investment potential now!

Fintech

Playtech sees promising growth despite dispute with Caliplay

Gambling technology group Playtech plc (LSE: PTEC) reported solid financial results for the four months to April 30 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue.

Chainwire

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours.

Chainwire

$BEER, a New Solana-Based Memecoin completes Pre-Sale of 30,000 SOL this week

The Liquid Gold, $BEER, has become the most discussed topic on Solana over the past two weeks. $BEER has skyrocketed into Twitter trends across Europe & Asia, captivating beer lovers worldwide.

Digital Assets

Hong Kong regulator orders Worldcoin to cease operations over privacy concerns

Hong Kong’s privacy regulator has ordered Worldcoin Foundation to cease all operations of its cryptocurrency project in the city, citing risks to privacy and personal data.

Inside View

MT4 vs MT5: Which Should You Choose for Crypto Trading?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two sophisticated trading platforms developed by MetaQuotes Software. Although MT4 is the more widely adopted choice, traders must determine which platform is better suited for them and understand the reasons behind this choice. Here’s everything you need to know.

Digital Assets

Intentable.io Launches Intent-Centric Architecture and Marketplace

Discover how Intentable.io, formerly Kiroboflow, is revolutionizing blockchain interactions with its Intent-Centric Architecture and new marketplace for intent-based strategies.

Digital Assets

Crypto ETFs, retail trading spike as Bitcoin nears record highs

BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, saw a record amount of cash injection after a quiet few weeks of net outflows. The healthy metrics came as bitcoin briefly traded above the $71,000 level for the first time in a month.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: FOMC Minutes, UK Inflation Data, USD, May 22 ,2024

FOMC minutes reveal Fed’s stance on inflation and rates. Hawkish hints could raise USD as investors seek higher returns. Dovish tones might weaken the dollar.

<