A case referred to the courts by the Financial Conduct Authority (FCA) has resulted in a man pleading guilty to obtaining £600,000 by fraudulent means.
Manraj Virdee has today (December 7) pleaded guilty to four charges, two of fraud, one of operating an illegal investment scheme and one of misleading consumers, for his role in running an unregulated and illegal deposit taking investment scheme.
He ran a company called Dynamic UK Trades Limited, and was arrested by officers of City of London police on November 30, 2017, following an initial investigation by the FCA.
The regulator said the product was marketed as an "investment package."
Virdee did not have authorisation from the regulator for any such scheme.
The scheme ran from October 2015 to November 2017.
The case has now been adjourned until January 7.
A spokesman for the Financial Conduct Authority said: "The FCA has an overarching strategic objective of ensuring the relevant markets function well.
"To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.”
david.thorpe@ft.com
