FCA Secures 12-Year Sentences for Duo Behind £1.5M Crypto Scam

Two individuals have been sentenced to a combined 12 years’ imprisonment for orchestrating a £1.5 million cryptocurrency fraud, following a prosecution brought by the UK’s Financial Conduct Authority (FCA).

Between February 2017 and June 2019, Raymondip Bedi, of Bromley, and Patrick Mavanga, of Peckham, cold-called victims and promoted fictitious cryptocurrency investment opportunities. At least 65 individuals were defrauded of a total of £1,541,799.

On 4 July, Judge Griffiths, presiding at Southwark Crown Court, sentenced Mr Bedi to 5 years and 4 months in prison. Mr Mavanga received a sentence of 6 years and 6 months. Confiscation proceedings are ongoing to recover the proceeds of their crimes.

In his sentencing remarks, Judge Griffiths described both accused as “leading players in a conspiracy whereby the victims of the fraud were persuaded to invest in cryptocurrency consultancy”.

This case follows the earlier guilty plea of John Burford, the sole director of Financial Trading Strategies Limited, who admitted to defrauding investors of £1 million in a fraud scheme.