30 Nov 2018
A self-styled British trader, who conned financial experts and some of his closest friends out of millions of pounds in a nine-year investment scam, was sentenced by a London court to five years in jail on Thursday.
Mark Starling, 57, pleaded guilty to fraud and operating a collective investment scheme without authorisation in a case the Financial Conduct Authority (FCA), which led the prosecution, said was a warning to investors to stay alert and do research in the face of rising fraud.
Fraud costs Britain around 190 billion pounds per year, according to UK authorities.
The FCA said Starling told 24 investors, including an independent financial adviser and a stock broker, that he was making up to 18 percent profit per year on a low-risk trading strategy.
– By Kirstin Ridley, Reuters, 29 November 2018.
Link to Reuters.
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