On Friday 28 July 2023, Southwark Crown Court imposed a Confiscation Order of £562,636 against Richard Faithfull following his conviction in September 2021. Mr Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least 7 professionally run overseas investment frauds.
The Court determined that Richard Faithfull’s criminal benefit was £4,130,936, with the Confiscation Order amount being lower at £562,636, based on the Court’s findings as to his available assets. The confiscated funds will be used to compensate the victims of Mr Faithfull’s crimes.
The Court imposed a default prison sentence of 4 years on Richard Faithfull, meaning that if he does not satisfy the terms of the Confiscation Order within 3 months, he will serve this further term of imprisonment in addition to the 5 years 10 months he is already serving.
The FCA will now contact the identified victims of Richard Faithfull’s offending to provide further information.
The FCA investigation into other suspects linked to the wider organised crime group continues and updates on any significant developments will follow.