The FCA has urged victims of unauthorised monetary adviser Ian James Hudson to return ahead by 3 July after a courtroom ordered compensation for his victims.
In July 2021 Ian James Hudson was sentenced to 4 years imprisonment for fraudulent buying and selling and carrying on regulated actions with out authorisation.
It was believed he took £2m from purchasers.
He ran a Midlands-based enterprise referred to as Richmond Associates for a fraudulent function, the courtroom heard, and carried out regulated actions when not authorised or exempt.
Throughout its investigation the FCA discovered that a number of the cash given to Mr Hudson was generally used to repay present purchasers, to make funds to different people, or to fund his personal way of life. In complete, roughly £2m was deposited by Mr Hudson’s purchasers.
Between 1 January 2008 and 31 July 2019, Mr Hudson suggested on regulated mortgages, pensions and different investments and purported to speculate important deposits obtained by him from purchasers on their behalf. At no level throughout this time was he authorised by the FCA to undertake these, or any, monetary providers, the FCA mentioned.
Confiscation proceedings are nonetheless being pursued by the FCA with any sums recovered from Mr Hudson for use to compensate victims.
Following a listening to earlier than Decide Tomlinson in Southwark Crown Court docket this week, the FCA secured a confiscation order, beneath the Proceeds of Crime Act 2002, towards Ian James Hudson for fraudulent buying and selling and carrying on regulated actions with out authorisation.
The courtroom made a confiscation order towards Ian Hudson within the sum of £220,710.14. The courtroom additionally ordered this quantity be paid as compensation to the victims of his unlawful actions.
The courtroom additionally imposed a default jail sentence of two years beneath the phrases of the confiscation order for Mr Hudson, which signifies that he can be liable to serve a jail time period if he doesn’t fulfill his confiscation order.
The FCA mentioned in an announcement this week that it had carried out in depth inquiries to determine all victims who’re eligible for compensation however is now making a last name for any remaining victims to return ahead.
Richmond Associates was based mostly in Walsall, West Midlands.
The FCA could be contacted through these strategies:
• Electronic mail: This e mail handle is being shielded from spambots. You want JavaScript enabled to view it.
• Freephone: 0800 111 6768 or 0300 500 8082
• Writing to: Monetary Conduct Authority, Unauthorised Enterprise Division, Operation Southam Case Workforce, 12 Endeavour Sq., London E20 1JN.
