The United Kingdom has sentenced two men to a full 12-year-old total of in prison after admitting to having organized a cryptography program which stole more than 1.5 million British pounds (2 million dollars) by victims of cold calls.
The Financial Conduct Authority said on Friday that a court of the London center had given the program operators, Raymondip Bedi and Patrick Mavanga, their convictions after the couple pleaded guilty to several accusations in November.
Bedi was sentenced to five years and four months behind bars, while Mavanga was sentenced to six years and six months.
“Bedi and Mavanga attracted investors with high performance promises on cryptography investments, but their programs were only an insensitive scam,” said Steve Smart, joint executive director of the application and monitoring of the FCA market, at the time of the couple’s conviction in November.
The pair ran the cold crypto-con
The FCA said in November that between February 2017 and June 2019, the pair was part of a group called cold to direct them to a “professional website where they were offered high yields for false investments in the crypto”.
The duo managed to defraud at least 65 investors out of just over 1.54 million British pounds ($ 2.1 million) during this period.
The money was sent to the companies they have exploited – Astaria Group LLP, CCX Capital and authorized clones of the Ian Buckley Financial Services and Capital Partners companies.
Duo was “main players” in the scam
Friday, during the conviction, the FCA said that the judge of the Southwark Crown Court, Griffiths, pointed out that Bedi and Mavanga “were both leading actors in which the victims of fraud were convinced to invest in the Consulting Consulting Consulting”
“You conspired to drive a coach and horses through the regulatory system,” he said to the couple.
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The FCA smart said that the “ruthlessly fraud of the dozens of innocent victims, and it is fair that they received these prison terms.”
Bedi and Mavanga pleaded guilty to cryptography
The two men were charged for the first time in April 2023. The FCA said in November of last year that Bedi had pleaded guilty of conspiracy to fraud, money laundering and conspiracy to break the laws on the United Kingdom’s financial services.
Mavanga also pleaded guilty of conspiracy with a view to fraud and conspiracy with a view to violating the laws on financing, as well as admitting the possession of false identification documents with an inappropriate intention.
He was also sentenced by a jury to pervert the courts of justice for deleting telephone calls after the arrest of Bedi in March 2019.
At the time, a jury did not return a verdict on a third anonymous accused, and they will face a new trial in September, while Rowena Bedi, a fourth person accused in the program, was acquitted of a single accusation of money laundering, said the FCA.
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