An investment scheme manager pleaded guilty on 19 February to defrauding around 240 investors out of £19m, at a hearing in London's Southwark Crown Court.

The UK's Financial Conduct Authority alleged that between January 2016 and November 2021, Guy Flintham, based in Blackburn, Lancashire, made false representations to investors to persuade them to invest approximately £19m in an investment scheme operated by him.

Flintham made a number of fraudulent claims to investors, including about how the scheme was operated, and the profits they could and were making via the scheme. He falsified documents in order to support some of his claims.

In accepting funds from investors, Flintham was undertaking the regulated activity of accepting deposits, which he was not authorised to do. The FCA therefore further alleged that, as an unauthorised person,  Flintham committed the offence of carrying on regulated activity without being authorised or exempt.

Sentencing will take place on 26 April 2024.

Flintham pleaded not guilty to a further count of carrying on regulated activity without authorisation or exemption, contrary to the Financial Services and Markets Act 2000.