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FCA begins prosecution against Phillip Boakes for unauthorised investment scheme

Wednesday 23rd July 2014

The Financial Conduct Authority (FCA) has today commenced a criminal prosecution against Phillip Boakes for 13 alleged offences relating to an unauthorised investment scheme he operated between 1 October 2004 and 4 June 2013.
Mr Boakes, 54, of Stratford-upon-Avon, used his company Currencytrader Limited to operate a scheme that purported to carry out forex trading for the benefit of its investors.
The alleged offences against Boakes are as follows:
- Accepting deposits without authorisation or exemption, contrary to sections 19 and 23 of the Financial Services and Markets Act 2000
- Being party to the carrying on of a business, namely Currencytrader Limited, for a fraudulent purpose, contrary to s458 of the Companies Act 1985 and s993 of the Companies Act 2006
- Theft, contrary to section 1(1) of the Theft Act 1968
- Six counts of fraud, contrary to section 1 of the Fraud Act 2006 
- Three counts of using a false instrument, contrary to section 3 of the Forgery and Counterfeiting Act 1981.
Mr Boakes’ first court appearance was at City of London Magistrates’ Court yesterday (July 22nd). The case has been passed to Southwark Crown Court with the first preliminary hearing scheduled for 5 August 2014.
Meanwhile, the FCA has been busy publishing a review of how firms use dealing commission - the charges paid by consumers for executing trades and external research.  
It found too few firms properly assess the value-added and cost of research paid for using client dealing commission.
Speaking at an FCA conference on dealing commission, FCA chief executive Martin Wheatley said: “The UK is a global centre for asset management – to keep this position it is crucial that investors are confident that they get a fair deal. There is a strong evidence to suggest the current model of using dealing commission to pay for research reduces transparency and creates a link between research spend and trading volume, without a clear assessment of the value this offers to investors. I want to see a level playing field across Europe to ensure the market delivers the best outcome for investors.” 

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