The UK Monetary Conduct Authority (FCA) confirms that on Friday 28 July 2023, Southwark Crown Courtroom imposed a Confiscation Order of £562,636 towards Richard Faithfull following his conviction in September 2021.
Mr Faithfull was a part of a trans-national organised crime group which laundered the proceeds of a minimum of seven professionally run abroad funding frauds.
The Courtroom decided that Richard Faithfull’s felony profit was £4,130,936, with the Confiscation Order quantity being decrease at £562,636, based mostly on the Courtroom’s findings as to his out there belongings. The confiscated funds shall be used to compensate the victims of Mr Faithfull’s crimes.
The Courtroom imposed a default jail sentence of 4 years on Richard Faithfull, that means that if he doesn’t fulfill the phrases of the Confiscation Order inside 3 months, he’ll serve this additional time period of imprisonment along with the 5 years 10 months he’s already serving.
The regulator says it would now contact the recognized victims of Richard Faithfull’s offending to offer additional info.
The FCA investigation into different suspects linked to the broader organised crime group continues.