Crypto fraudsters who pulled in £1.5m convicted by FCA
Two crypto fraudsters who illegally pulled in £1.5m have been convicted following prosecution from the UK’s financial watchdog in the latest effort of its crackdown on bad actors in the nascent digital assets market.
Raymondip Bedi and Patrick Mavanga defrauded at least 65 investors between February 2017 and June 2019.
The pair were part of a cold-calling scheme that would direct consumers to a professional-looking site that offered high returns for crypto investments that were, in reality, fake.
The defendants were brought to trial by the Financial Conduct Authority (FCA).
Bedi and Mavanga both pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets…
