Raymond Bedi and Patrick Mavanga have been sentenced to a combined total of over 11 years in prison for cryptocurrency fraud.
Details of the Fraud Scheme
The UK’s Financial Conduct Authority (FCA) reported that between 2017 and 2019, the pair cold-called potential investors and lured them into a fake digital asset platform. The website promised high returns, backed by fake charts and fabricated trading activity, but no crypto was ever bought or sold.
Economic Losses for Victims
Victims were misled with promises of risk-free profits, with some being told they could earn 10% returns monthly. One investor lost as much as £200,000, with others contributing thousands under false pretenses. Mavanga also admitted to using false identity documents.
Warning from FCA
Steve Smart, FCA’s joint enforcement chief, stated, “This case should serve as a warning. Fraud doesn’t pay, and we’re watching the crypto space closely.” The FCA continues to urge the public to be wary of unsolicited investment calls, reminding consumers to verify firms on its official register and avoid anyone offering guaranteed profits.
The sentences against Raymond Bedi and Patrick Mavanga highlight the importance of caution in the financial sector and the need for careful scrutiny of investment offers.
