The Financial Conduct Authority has secured a confiscation order of £5,963,376.15, against a Lancashire-based convicted investment fraudster.
Guy Flintham is serving a six-year prison sentence for defrauding investors of millions of pounds. Flintham took £19m from 240 investors after persuading them to invest in an scheme operated by him.
He made several fraudulent claims to investors, including about how the scheme was operated and the profits they were making. He falsified documents to support his claims.
Flintham, 47, of Blackburn, was convicted at Southwark Crown Court last April following a prosecution brought by the FCA.
The court determined that Flintham’s criminal benefit was £23,932,204.84 with the confiscation order amount being owed a £5,963,376.15. This is based on the court’s findings as to his available assets.
The confiscated funds will be distributed to the victims of his crimes, according to the FCA.
The court has imposed a default prison sentence of two years on Flintham. He has been given three months to adhere to the terms of the confiscation order or face further term of imprisonment in addition to the six years he is already serving.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Mr Flintham deliberately lied and misled people, causing them serious harm. This order sends a signal to anyone who engages in fraud – your ill-gotten gains are not safe even when you’re behind bars.”
Cor blimey mate ….the confiscation of funds will go back to the investors …
Bet the treasury won’t like that ?
(Tongue firmly in cheek)
Surely if this is the case why are the funds recovered by the FSCS disappear into the treasury’s back pocket and not fed back to the investors ….?
After all, the higher the levies …the higher the charges !
But it’s ok for the investors to lose out if it’s seen that levies / fines / tax are paid by us …smoke and mirrors
This is not a two pipe problem Watson !!!
We are categorised in the same vein as this Flintham fella doing porridge !!
Over what period did these fraudulent/criminal activities take place?
When were they first reported to the FCA and by how many people?
How long was it before the FCA acted on those reports?
Hang on. After the confiscation he would seem he netted almost £18million (£23,932,204 less £5,963,376) over 6 years prison – that equates to about £3million per year. Not a bad return! This is hardly a punishment. Perhaps the loss on an arm?
He got away with £24m and the FCA are patting themselves on the back, because they have managed to obtain a confiscation order for £6m against him. He probably won’t adhere to that “saying to himself £6m for an extra 2 years (1 year with good behaviour) I’ll take the extra time.” Then the FCA will have achieved nothing.