forex.pm forex forum binary options trade

<p class="MsoNormal">The UK Financial Conduct Authority (FCA) has
charged four individuals for their involvement in a binary options investment that defrauded investors of £1.2 million.</p><p class="MsoNormal">The four accused parties are Cameron Vickers, Raheel
Mirza, Opeyemi Solaja (also called Opeyemi Olaja) and Reuben Akpojaro, the UK
financial markets regulator <a href="https://www.fca.org.uk/news/press-releases/fca-prosecutes-five-individuals-role-all-or-nothing-investment-scheme" target="_blank" rel="nofollow">announced</a> on Tuesday.</p><p class="MsoNormal">The watchdog alleged that Vickers, Mirza, and
Solaja between June 2016 and January 2020 ran a London-based investment company
called Bespoke Markets.</p><p class="MsoNormal">However, rather than invest the funds they
collected from investors in the binary options they advertised, the individuals
allegedly used the money to fund their lifestyles.</p><p class="MsoNormal">The FCA said it charged Akojaro, who also
worked at the investment company, with the same offences.</p><p class="MsoNormal">Furthermore, the regulator said it had charged Mirza
alongside another individual, Taheer Sardar, for allegedly perverting the
course of justice with regard to its investigation.</p><p class="MsoNormal">"The FCA alleges that between 31 July 2022 and 1
October 2022, the two men created a false document to influence the case. This
was adjourned until 16 November 2022 for a Plea and Trial Preparation Heading," the <a href="https://www.financemagnates.com/tag/financial-conduct-authority/" target="_blank">FCA</a> explained.</p><p class="MsoNormal">Binary Options Ban </p><p class="MsoNormal">In the Tuesday statement, the FCA emphasized that <a href="https://www.financemagnates.com/binary-options/" target="_blank">binary options</a> trading among retail
investors is prohibited in the United Kingdom due to the high risks involved.</p><p class="MsoNormal">Additionally, Binary options are forbidden in the European Union (EU), Canada, Australia and Israel.</p><p class="MsoNormal">"Binary options are a high-risk 'all-or-nothing'
type of investment which have been <a href="https://www.financemagnates.com/binary-options/regulation/fca-makes-binary-options-ban-for-retail-investors-permanent/" target="_blank">banned for retail use since 2019</a>. The
investor will attempt to predict whether an event will happen or not. If they
win, they will see a return, but if they're wrong, they'll lose all their
investment," the FCA explained. </p><p class="MsoNormal">The regulator explained that the scheme carried
out by the four individuals constitutes a criminal offence under the UK Financial
Services and Markets Act 2000 (FSMA), the Proceeds of Crime Act 2002, and the country's
common law.</p><p class="MsoNormal">The FCA explained that Section 19 of the FSMA outlines that an
individual cannot executive a regulated activity in the UK unless authorized or
exempted by the FCA. The section also prescribes a maximum sentence of two-year
imprisonment for contravention.</p><p class="MsoNormal">On the other hand, money laundering under the Proceeds of Crime Act
2002 attracts a fine and or imprisonment of up to 14 years upon conviction.</p><p class="MsoNormal">Additionally, the watchdog noted that conspiracy
to defraud under the country's common law carries a maximum sentence of up to
10 years of imprisonment once found guilty.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.