A Company Director Imprisoned for over 5 Years for Money Laundering, Says FCA

The UK Financial Conduct Authority (FCA) announced last week that Richard Faithfull was sentenced to 5 years and 10 months imprisonment for laundering money, in violation of s.327 Proceeds of Crime Act 2002. He was also disqualified from being a company director for a period of 10 years.

The financial watchdog noted that Richard laundered £2.5million as part of a trans-national organised crime group for longer than 12 months, laundering the proceeds of, at least, 7 professionally run overseas investment frauds. The operation was sophisticated, utilising multiple accounts and front companies in numerous jurisdictions. Also, he involved innocent parties to help assist with his criminal enterprise.

To avoid detection, Richard relocated to Ukraine where he lived a life of luxury whilst continuing his criminal activities, enlisting the assistance of local criminal groups abroad. Following his arrest, he spun a web of lies to try and throw the FCA off the case but at the hearing held last week he finally accepted that he was a “thoroughly dishonest person”.

The FCA will now pursue confiscation proceedings against him in order to try and seize his illegal gains.