| Link(s): | https://www.fca.org.uk/news/press-releases/ian-hudson-imprisonment-fraudulent-trading-activities |
Context
Ian James Hudson was sentenced to 4 years’ imprisonment for one count of fraudulent trading, with two additional terms of 14 months, each reflecting a breach of s19 FMSA, to run concurrently following his earlier guilty plea.
Key points to note
- The sentence followed charges laid by the FCA namely carrying on a business, Richmond Associates, for a fraudulent purpose and carrying on regulated activities when not authorised or exempt.
- Between 1 January 2008 and 31 July 2019, Mr Hudson advised on regulated mortgages, pensions and other investments and purported to invest significant deposits received by him from clients on their behalf. At no point during this time was he authorised by the FCA to undertake these, or any, financial services, as is required by law.
- Mr Hudson told clients that the money they deposited with his business would be invested in various financial vehicles or otherwise put to specific uses, this was not always the case. Instead, he used those deposits to re-pay existing clients, to make payments to other individuals, or to fund his own lifestyle.
- Confiscation proceedings are being pursued by the FCA. Any sums recovered from Mr Hudson will be used to compensate victims.
Next actions
None – for information only