On 26 July 2021 at Southwark Crown Court Ian James Hudson was sentenced to 4 years imprisonment for one count of fraudulent trading, in addition to 14 months for two further counts of breaching section 19 of the Financial Services and Markets Act 2000 (FSMA).
Criminal Proceedings | Rosenblatt’s Financial Crime Team
Mr Hudson’s sentences are to run concurrently following his earlier guilty plea. These sentences follow charges brought by the Financial Conduct Authority (FCA) in relation to carrying on a business, Richmond Associates, for a fraudulent purpose and carrying on regulated activities without authorisation or exemption.
Between January 2008 and July 2019 Mr Hudson was charged with; participating in a fraudulent business, Richmond Associates contrary to section 9 Fraud Act 2006; carrying on a regulated activity (accepting deposits) without authorisation or exemption contrary to section 23(1) FSMA, and carrying on a regulated activity (advising on investments) without authorisation or exemption contrary to section 23(1) FSMA.
The FCA announced on 20 May 2021 that it had commenced criminal proceedings against Mr Hudson following their investigation into unregulated advice. For more information about the criminal proceedings please see our earlier article.
The FCA have confirmed that they are now pursuing confiscation proceedings. Any sums of money recovered from Mr Hudson will be used to compensate victims.
Rosenblatt can help
Rosenblatt has a wealth of experience in financial crime and is uniquely placed to support clients that are the subject of an FCA investigation and prosecution having defended one of the largest prosecutions brought by the Financial Conduct Authority.
https://www.rosenblatt-law.co.uk/services/financial-crime/#financial-crime
(Sources: Ian Hudson sentenced to 4 years imprisonment for fraudulent trading and carrying on regulated activities without authorisation | FCA, Section 19 Financial Services and Markets Act 2000, Section 23(1) Financial Services and Markets Act 2000)
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