.jpg)
A confiscation order of 171,913.60 was made against Manraj Singh Virdee in Southwark Crown Court on 16 December 2019.
This follows an FCA prosecution in which Mr 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 Virdees criminal proceeds.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
This confiscation will go some way to compensating Mr Virdees victims whom he misled and defrauded. The FCA reminds investors to beware of anyone who is not authorised to carry out the activities they are offering.
The Court found that Mr Virdee had derived a benefit of 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 monies will be used to compensate the 24 victims of his crimes who lost in the region of 650,000 in total.
If Mr Virdee doesnt pay the confiscation order on time, he is liable to be sentenced to a further 2 years in prison.
Background
- The FCAs Press Release in relation to the prosecution action dated 5 January 2019.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
