FCA Secures Over £300,000 in Confiscation Orders Against Investment Fraudsters

The Financial Conduct Authority (FCA) has secured court orders to seize £305,284 from Raheel Mirza, Cameron Vickers, and Opeyemi Solaja for their roles in a complex scam that tricked around 120 UK investors out of £1.2 million. These orders, made under the Proceeds of Crime Act, take all the remaining assets of the three men, which will go toward paying back victims as soon as possible. If they fail to follow these orders, they could face more time in prison.

The FCA has delayed the confiscation case against a fourth person, Reuben Akpojaro, to a later date, with more details expected soon.

The Scam

From June 2016 to January 2020, Mirza, Vickers, Solaja, and Akpojaro ran a fake company called Bespoke Markets Group (BMG) in London. They used aggressive phone calls, often hiding their real names, to convince people—many of them older adults—to put money into a fake binary options trading platform. Instead of investing the money, the group spent it on fancy vacations, properties, cosmetic procedures, and gambling.

Binary options are a risky type of betting on financial markets, banned for everyday UK investors in 2019 because they often led to fraud and big losses, with about 80% of investors losing all their money. The FCA started overseeing binary options on January 3, 2018, and the groups unauthorized trading added to their crimes.

To cover their tracks, they set up companies in the UK and abroad, including Upscale Limited in the Marshall Islands, to hide and move the stolen money.

Court Convictions and Penalties

After an eight-week trial at Southwark Crown Court in April 2023, Cameron Vickers (born May 29, 1995, from Essex), Raheel Mirza (born July 24, 1984, from East London), and Opeyemi Solaja (born October 6, 1989, from Northamptonshire) were found guilty of plotting to scam people. Mirza was also convicted of interfering with justice by creating a fake document during the FCAs investigation, along with a fifth person, Taheer Sardar. The three men were sentenced to a total of 24.5 years in prison: Vickers and Solaja got 7.5 years each, while Mirza got 8 years for fraud plus 18 more months for the fake document. All three are banned from being company directors for 10 years.

Reuben Akpojaro (born January 11, 1983, from Southeast London) was cleared of fraud and money laundering but was found guilty of trading binary options without FCA approval, breaking Section 19 of the Financial Services and Markets Act 2000. He was sentenced on May 26, 2023, but recent updates dont share details of his punishment.

During the trial, Judge Hehir called BMG a “money-making scheme” built to steal from victims and fund the groups luxurious lives, leaving investors in distress.

FCAs Push for Justice

The FCA‘s recent orders to take £305,284 from the trio are a big step toward helping the victims of this £1.2 million scam. Steve Smart, FCA’s Executive Director of Enforcement and Market Oversight, stressed their commitment to stopping financial crime: We‘re dedicated to tackling financial crime and making sure criminals don’t keep their stolen money.

We‘ve already put these people behind bars for scamming 120 investors. Now, we’re working to get as much money back as possible for those affected.

Therese Chambers, another FCA leader, earlier said, “BMG was a fake operation. Despite their attempts to hide with offshore accounts, well hold fraudsters accountable and protect UK investors.”

Victim Support and Ongoing Work

The £305,284 taken from Mirza, Vickers, and Solaja will go to victims, many of whom faced major financial and emotional hardship. The FCA says it will distribute the money as quickly as possible, though it may take time due to the number of victims and the need for fair sharing.

The delay in Akpojaro‘s case suggests more assets might be seized later, which could add to the funds for victims. The FCA’s efforts show its commitment to stopping dishonest traders and improving protections for UK investors, especially in risky areas like binary options.