Two people were sentenced to 12 years’ imprisonment combined for their role in cryptographic fraud of 1.5 million pounds sterling following a prosecution brought by the FCA.
Editorial
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Between February 2017 and June 2019, Raymondip Bedi, from Bromley, and Patrick Mavanga, from Peckham, cold victims and sold for false investments in the crypto. At least 65 investors were defrauded and lost £ 1,541,799.
Bedi was sentenced to five years and four months and Mavanga was sentenced to a sentence of six and a half years.
Reading the verdict at Soouthwark Crown Court, Judge Griffiths pointed out that Bedi and Mavanga “were both of the main players in a plot by which the victims of fraud were convinced to invest in the cryptocurrency consulting cabinet” and “you conspired to drive a coach and horses through the regulatory system.”.
Steve Smart, joint executive director of the application and monitoring of the market at the FCA, said: “Bedi and Mavanga have mercilessly frauded dozens of innocent victims, and it is just that they have received these prison terms. Criminals must be clear that there is a cost to commit crimes and seek them to pay them.”
