FCA brings fraud charges against unregulated adviser

The Financial Conduct Authority (FCA) has started criminal proceedings against Ian Hudson over unregulated investment advice and operating Richmond Associates with intention to defraud clients. 

Appearing at Westminster Magistrates' Court, Hudson was charged on three accounts relating to fraudulent activity. 

These include; carrying on a business, Richmond Associates, with the intention to defraud creditors and carrying on regulated activities namely advising on investments and accepting deposits without authorisation.

The regulator has alleged that between 1 January 2008 and 31 July 2019, Hudson advised on investments and purported to invest deposits received by him from clients on their behalf.

At no point during this time was he authorised by the FCA to undertake these financial services, as is required by law.

In addition, even though he told clients that the money they deposited with his business would be invested in various financial vehicles or otherwise put to specific uses, this was not always the case, the FCA said.

Hudson will appear at Southwark Crown Court for a plea and trial preparation hearing on 17 June.

First published by our sister title Professional Adviser