London Duo Jailed for $2 Million Crypto Scheme
2025-07-07 23:59:57
Main Idea
Two individuals in London were sentenced to a combined 12 years in prison for defrauding over 65 investors out of approximately $2 million through a fake cryptocurrency investment scheme.
Key Points
1. Raymondip Bedi and Patrick Mavanga were convicted for cold-calling victims to sell fraudulent crypto investments between February 2017 and June 2019.
2. The scheme defrauded at least 65 investors, totaling £1,541,799 (nearly $2.1 million USD).
3. The Financial Conduct Authority (FCA) highlighted the case as part of its enforcement efforts against financial crime.
4. Both individuals were found guilty of breaching the Financial Services and Markets Act 2000 and committing money laundering offenses.
5. The FCA warned the public to be cautious of unsolicited investment opportunities that seem too good to be true.
Description
Two residents of Greater London have been sentenced to over a decade behind bars after they defrauded dozens of investors of over $2 million in a years long crypto scheme , a new press release from the Financial Conduct Authority (FCA) states. Crypto Conmen Sent To Jail According to the UK Financial watchdog’s Friday press release , Raymondip Bedi and Patrick Mavanga have been sentenced to over five years and six years in prison respectively for orchestrating the multi-million dollar digital ass...
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