Southwark Crown Court has imposed a Confiscation Order of £562,636 against former stockbroker Richard Faithfull following his conviction in September 2021 for laundering £2.6m of stolen money from an international network of boiler-room frauds.
Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least seven professionally run overseas investment frauds, the UK's Financial Conduct Authority said in a statement on 28 July.
The Court determined that Richard Faithfull's criminal benefit was £4,130,936, with the Confiscation Order amount being lower at £562,636, based on the Court's findings as to his available assets. The confiscated funds will be used to compensate the victims of Faithfull's crimes.
The Court imposed a default prison sentence of four years on Richard Faithfull, meaning that if he does not satisfy the terms of the Confiscation Order within 3 months, he will serve this further term of imprisonment in addition to the five years 10 months he is already serving.
The FCA further said it will now contact the identified victims of Richard Faithfull's offending to provide further information.
The FCA investigation into other suspects linked to the wider organised crime group continues and updates on any significant developments will follow.
Faithfull was convicted of a money laundering offence contrary to s.327 Proceeds of Crime Act 2002.
The Court further ordered that the sums confiscated from Richard Faithfull are used to compensate the identified victims of his offending on a pro-rata basis.
