Convicted money launderer handed extra prison time

Convicted money launderer Richard Faithfull has been sentenced to an additional 499 days in prison for failing to pay money owed under a Confiscation Order.

Faithfull was jailed for five years and 10 months in 2021 after the FCA accused him of laundering £2.5m as part of a trans-national organised crime group that laundered the proceeds of at least seven overseas investment frauds.

He was ordered to pay back £529,961, based on his available assets, but has only paid £349,214.37. He was released from custody in June 2025 but an additional prison sentence was activated on 8 May at a City of London Magistrates’ Court hearing.

Faithfull will continue to be liable for the outstanding debt even after serving the additional sentence. Money recovered from him will be used to compensate the victims of his crimes.

At Faithfull’s original sentencing the Judge said Faithfull’s “serious offending” was linked to the “human misery caused by boiler room fraud” and that money coming into accounts controlled by Faithfull was “not being invested, it was simply being slaughtered”.

Steve Smart, executive director of enforcement and market oversight at the FCA, said: “Faithfull’s crimes enabled millions of pounds to be scammed from innocent victims.

“He tried to evade justice. Now, having failed to repay what he should, it’s right he is put back behind bars.'