Two men have been sentenced to a combined 12 years in prison for their roles in a cold-calling scam that defrauded investors of over £1.5 million.
The Nature of the Scam
According to FCA, between February 2017 and June 2019, Raymond Bedi and Patrick Mavanga orchestrated a cold-calling scam targeting investors. They promoted fake cryptocurrency investment opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors were defrauded, losing a total of approximately £1.5 million.
Sentencing and Consequences
On July 4, the two men were sentenced at Southwark Crown Court to a total of 12 years in prison. Raymond Bedi received 5 years and 4 months, while Patrick Mavanga was sentenced to 6 years and 6 months. They pleaded guilty to multiple charges, including conspiracy to defraud and related offenses.
FCA's Broad Initiative Against Financial Crimes
The sentencing comes amid FCA's active crackdown on illegal financial promotions and crypto-related fraud. In June, FCA led an international enforcement campaign targeting unauthorized 'finfluencers,' resulting in arrests and removal actions for misleading social media content.
The court case against Bedi and Mavanga highlights FCA's intensified efforts to combat cryptocurrency fraud and ensure justice for victims.
