The UK punished two men in a combined 12 years in prison after admitting to run a crypto scheme that stole more than 1.5 million British pounds ($ 2 million) by cold victims.
The financial behavior authority Says On Friday that a central London court issued scheme operators, Raymondip Bedi and Patrick Mavanga, their sentences after the pair sought a crime on numerous charges in November.
Bedi was punished for five years and four months behind the bars, while Mavanga was punished for six years and six months.
“Bedi and Mavanga have trapped investors with high return investments in crypto investments, but their schemes are nothing more than a strong scam,” Steve Smart, the combined FCA director of implementation and management market, said at the time of the pair’s conviction in November.
The pair ran a cold caller Crypto con
The FCA Says In November that between February 2017 and June 2019, the pair is part of a group wish Cold call To direct them to a “professional website where they are offered a high return for fake crypto investments.”
The Duo managed to deceive at least 65 investors just outside the British’s 1.54 million pounds ($ 2.1 million) at that time.
The money was sent to Companies they run – Astaria Group LLP, CCX capital and authorized clones of companies Ian Buckley Financial Services and Capital Partners Group.
The duo is “top players” in the scam
In a judgment on Friday, the FCA said Southwark Court Judge Griffiths said Bedi and Mavanga “were both leading players in a conspiracy in which fraud victims were encouraged to invest in cryptocurrency consulting”
“You have conspired to drive a coach and horse through the regulation system,” he reportedly told the pair.
Related: 5 ‘Insidious’ Crypto scam to watch this person
The wise FCA said the pair was “ruthless deceptive of twelve -innocent victims, and they correctly received prison penalties.”
Bedi and Mavanga have committed guilty of the crypto scheme
First the two boys Said In April 2023. The FCA said in November last year that Bedi demanded that the conspiracy be guilty to deceptive, laundering money and conspiracy to break the UK financial service laws.
Like Mavanga who pleaded guilty to the conspiracy to deceptive and conspiracy to break financial laws, along with admitting to fake identity documents with improper purpose.
He was also convicted of a jury of removal of justice for the removal of phone call recordings after Bedi was arrested in March 2019.
At this time, a jury did not reach a verdict with a third unnamed defendant, and they will face a retrial in September, while Rowena Bedi, a fourth person charged in connection with the scheme, released a money -launching charge, the FCA said.
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