Two crypto fraudsters who illegally pulled in £1.5m have been convicted following prosecution from the UK’s financial watchdog in the latest effort of its crackdown on bad actors in the nascent digital assets market.
Raymondip Bedi and Patrick Mavanga defrauded at least 65 investors between February 2017 and June 2019.
The pair were part of a cold-calling scheme that would direct consumers to a professional-looking site that offered high returns for crypto investments that were, in reality, fake.
The defendants were brought to trial by the Financial Conduct Authority (FCA).
Bedi and Mavanga both pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 at an earlier hearing.
Mavanga also pleaded guilty to possession of false identification documents with an improper intention. He was convicted of “perverting the course of justice for the deletion of phone call recordings following the arrest of Raymondip Bedi in March 2019”.
According to the FCA, the jury was unable to reach a verdict on a third defendant, who will face a retrial in September 2025.
A fourth individual in the case, Rowena Bedi, was acquitted of money laundering.
“Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA.
“If you’re contacted out of the blue about an investment opportunity that sounds too good to be true, then it probably is. If you’re in any doubt – don’t invest.”
Sentencing for Bedi and Mavanga will take place at a later date yet to be determined. The FCA said a further individual, Minas Filippidis, is wanted in relation to the same offences.
Last month, the FCA progressed with its crackdown on social media financial influencers – or as the regulator describes them, ‘finfluencers’ – with targeted action against dozens of online personalities advertising crypto and other high-risk investments.
One individual facing legal action from the FCA is reality TV star Scott Timlin, known for the Geordie Shore and Celebrity Big Brother.
UKTN revealed last month that despite being accused of advertising high-risk investments to his impressionable audience with no qualifications, Timlin was still encouraging fans in a Telegram group to buy cryptoassets.
Tackling fraud in various forms has become a major priority for the financial regulator.
If you have been affected by social media influencers promoting risky financial investments, please get in touch at oscar@uktech.news.
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