The UK’s Financial Conduct Authority (FCA) has commenced a criminal prosecution against Phillip Harold Boakes of Stratford-upon-Avon, Warwickshire, for 13 alleged offences relating to an unauthorised investment scheme he operated between 1 October 2004 and 4 June 2013.
Mr Boakes, using his company Currencytrader Limited, operated a scheme that purported to carry out forex trading for the benefit of its investors.
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The alleged offences are as follows:
- Accepting deposits without authorisation or exemption, contrary to sections 19 and 23 of the Financial Services and Markets Act 2000
- Being party to the carrying on of a business, namely Currencytrader Limited, for a fraudulent purpose, contrary to s458 of the Companies Act 1985 and s993 of the Companies Act 2006
- Theft, contrary to section 1(1) of the Theft Act 1968
- Six counts of fraud, contrary to section 1 of the Fraud Act 2006
- Three counts of using a false instrument, contrary to section 3 of the Forgery and Counterfeiting Act 1981.
Mr Boakes’ first court appearance was at City of London Magistrates’ Court on 22 July 2014. The case was passed to Southwark Crown Court with the first preliminary hearing scheduled for 5 August 2014.
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By GlobalData
