Following an application at Southwark Crown Court on 31 October 2022, two prosecutions for alleged investment fraud will be heard as a single trial of four defendants. This is listed to start on 6 February 2023 with a six to eight-week time estimate.
It is alleged that, between June 2016 and January 2020, Cameron Vickers, Raheel Mirza and Opeyemi Solaja (aka Opeyemi Olaja) ran a London-based company, Bespoke Markets Group, which defrauded UK investors of £1.2m. That money was allegedly used to fund the defendants’ lifestyles, rather than the binary options investments advertised. They were each charged with investment advisor compliance offences under the Financial Services and Markets Act 2000, the Proceeds of Crime Act 2002, and the offence of conspiracy to defraud contrary to common law.
Reuben Akpojaro, who also worked at Bespoke Markets Group, was charged with the same investment advisor compliance offences relating to May 2022. A further charge was also subsequently brought against Raheel Mirza and a fifth individual, Taheer Sardar, for perverting the course of justice in relation to the FCA investigation. The regulator alleges that between 31 July 2022 and 1 October 2022, the two men created a false document with the aim of influencing the case.
Binary options are a high-risk ‘all-or-nothing' type of investment and have been banned for retail use since 2019. Investors attempt to predict whether or not an event will occur. If they predict correctly, they will see a return. If they’re wrong, they lose their entire investment.
As part of its three-year strategy, the FCA said it is committed to investment advisor compliance - reducing or preventing conduct that can cause serious harm. The regulator recently announced that it had placed restrictions on twice as many firms in the investment sector as last year.