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The United Kingdom sentenced two men to a combined total of 12 years in prison after admitting a crypto scheme that has stolen over £ 1.5 million ($ 2 million).
Financial behavior said On Friday, the Central London court filed the system operators, Raymondrip Bedi and Patrick Mavang, their punishment after the couple confessed 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 promises of high -income from crypto investment, but their programs were nothing but heartless fraud,” said Steve Smart, Common Executive Director for FCA enforcement and supervision.
Couple operated Crypto Con Calling Con
FCA said in November that between February 2017 and June 2019 there were a couple of part of the group that should cold call Direct them to “a professional looking website where they have been offered high yields for false investment in crypto”.
The duo managed to cheat at least 65 investors from more than £ 1.54 million ($ 2.1 million) at this time.
The money was sent to the companies that operated – Astaria Group LLP, CCX CAPITAL and IAN BUCKLEY SERVICES and CAPITAL PARTNERS GROUP.
The duo was “leading players” under fraud
On Friday, the convicted FCA said that Judge Southware Crown Court Griffiths noted that Bedi and Mavanga “both are leading players in conspiracy, and the victims of fraud were convinced to invest in cryptocurrency advice”
“You wrote that you are passing through the coach and horses by a regulatory system,” said the couple.
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Smart FCA said a couple “ruthlessly cheated on dozens of innocent victims and it is right that these imprisonments received.”
Bedi and Mavanga confessed to the guilty crypto scheme
Both men were the first loaded In April 2023. FCA said in November last year that Bedi confessed to conspiracy to cheat, washing money and plot to break the British financial services laws.
Similarly, Mavanga confessed to the conspiracy to cheat and conspiracy for violating financial laws, together with a confession to holding false identification documents with an incorrect intention.
He was also convicted of the jury of reversing the justice course for lubricating the phone recordings after Bedi was arrested in March 2019.
At that time, the jury did not reach the sentence of the third unnamed defendant and would face renewal in September, while Rowena Bedi, the fourth person accused in connection with the program, was exempt from a single money laundering fee, FCA said.
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