A 46-year-old man has appeared in court in London today charged in connection with a £19m unauthorised investment scheme.
The FCA has launched criminal proceedings against Guy Flintham for allegedly committing fraud by false representation and for carrying out regulated activity without authorisation.
The FCA alleges that between January 2016 and November 2021, Mr Flintham, based in Blackburn, Lancashire, defrauded around 240 investors. He is accused of making false representations to persuade them to invest approximately £19m in an investment scheme operated by him.
Mr Flintham is accused of making a number of fraudulent claims to investors, including about how the scheme was operated and the profits investors could and were making via the scheme. He falsified documents in order to support some of his claims, the FCA alleges.
The regulator said by accepting funds from investors, Mr Flintham was undertaking the regulated activity of accepting deposits, which he was not authorised to do. The FCA further alleges that, as an unauthorised person, he committed the offence of carrying on regulated activity without being authorised or exempt.
Mr Flintham appeared at Westminster Magistrates’ Court today (22 January) where he pleaded not guilty on the offence of carrying on regulated activity without being authorised or exempt. He did not enter a plea in respect of the fraud offence.
The case was sent to Southwark Crown Court for a Plea and Trial Preparation Hearing which will take place on 19 February.
Fraud by false representation is punishable by a fine and/or up to 10 years’ in prison. Carrying on regulated activities without authorisation is contrary to section 23 of the Financial Services and Markets Act 2000 and is punishable by a fine and/or up to 2 years’ imprisonment.
