The Financial Conduct Authority (FCA) has called on victims of Richard Faithfull to come forward by 12 September 2022 in order to ensure they be part of any claim for compensation.
On Thursday 9 September 2021 Richard Faithfull was found guilty of money laundering, contrary to s.327 Proceeds of Crime Act 2002 as part of a trans-national organised crime group, laundering the proceeds of at least 7 professionally run overseas investment frauds.
Richard Faithfull was sentenced to 5 years and 10 months imprisonment and disqualified from being a company director for 10 years.
The Court will also make a Confiscation Order against Richard Faithfull, once it has determined how much he benefitted from offending and the value of his current assets.
Southwark Crown Court has set a date of 13 October 2022 for the final hearing.
The FCA is urging any individual who believes they may have suffered a loss directly linked to Richard Faithfull’s offending to contact the FCA urgently if they have not done so yet.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
'Mr Faithfull showed little compassion for those affected by his crimes and I want to ensure that anyone who may have lost money as a result of his offending is able to submit a claim for compensation.'
The FCA is asking anyone who made payments to the following bank accounts between 1 June 2017 and 1 August 2018 to contact the FCA:
- Faithfull Investments Limited (63019667, 73188825, 43871401, 80389994, 33260763, 20331791, 55420660, 56129860, 56130560, 56130968, 56932766)
- Global Edge Consulting Limited (20051247, 30656960)
- AG Capital Limited (20056281)
- Meadows Financial Limited (20064365)
- SFM Management Limited (20064349)
- Corbett and White Limited (30917160)
- AVE Star FZE (1015338763901, 1025338763902 and 1025338763903)
Should anyone believe that they may be entitled to compensation because they made a transfer or payment to any of the bank accounts listed above between the dates listed above, and have not previously contacted the FCA, please get in touch as soon as possible by:
- email: [email protected]
- write to: The Operation Delta Team, Unauthorised Business Department, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN
Please provide the following information:
- Your full name, address, telephone number, email address.
- The date you transferred or paid any money.
- How much money you paid on each occasion.
- Which bank account you paid money to on each occasion.
- Your bank account details that you paid the money from on each occasion.
- Provide all and any documents which support the information you have provided. This may include such documents as bank statements, invoices, receipts, letters, emails, or any other form of correspondence.
- Full details of the bank account that any compensation payments should be made to.
If you are making a claim for compensation on behalf of somebody else, please inform the FCA of the full name and address of the person who you are claiming for as well as providing your full contact details. We will also need to see evidence of your authority to act on their behalf (eg a signed letter of authority from the investor; a Power of Attorney; Letter of Administration of Grant of Probate).
The FCA will check that everyone who contacts us is eligible for compensation. Eligibility for compensation under the Sentencing Act 2020 is confined to those who made transfers to the company accounts specified above during the time period set out above.
Richard Faithfull has yet to have a Confiscation Order made against him, and proceedings at Southwark Crown court are ongoing.
8 February 2023 update
The final confiscation hearing that was scheduled for 13 October 2022 at Southwark Crown Court did not take place due to the intervention of a third party in proceedings, the joint liquidators of Faithfull Investments Limited (in liquidation). All identified victims affected by this intervention were contacted by the FCA in November 2022.
In December 2022 the joint liquidators of Faithfull Investments Limited (in liquidation) decided to withdraw from confiscation proceedings. At the most recent hearing on 16 January 2023, it was confirmed that the final confiscation hearing will now take place on 13 February 2023. The Confiscation Order may take some time to be granted as the judge will need to consider the evidence presented by both parties. Once the Order is granted the FCA will update this webpage and will contact all identified victims explaining the outcome.
Further information
- There may be people who are not eligible for compensation because their money did not pass through the accounts or the time period set out above. Unfortunately, the legal provisions for compensation only allow orders to be made for victims who have lost money as a result of the crimes which Richard Faithfull has been convicted of.
- The value of the Confiscation Order will either be the amount equal to the benefit Richard Faithfull has obtained from his offending or, if his assets are less than that amount, the total value of his assets at the time the Confiscation Order is made.
- It is possible that the amount that Richard Faithfull may be ordered to pay will be less than the value of the benefit he obtained from his offending (if the value of his assets is less than this amount). It may be that the amount of compensation that victims will receive will be less than the loss they suffered. Compensation may be paid on a pro-rata basis to each victim.
Notes to editors
- Richard Faithfull sentenced to over 5 years imprisonment for money laundering.[1]
- Find out more information about the FCA.[2]