FCA secures confiscation order against convicted money launderer
Summary
Southwark Crown Court recently imposed a confiscation order of £562,636 against Richard Faithfull following his conviction for money laundering in September 2021.
Faithfull was part of a transnational organised crime group that laundered the proceeds of at least seven professionally run overseas investment frauds.
The court determined that Faithfull’s criminal benefit was £4,130,936, with the confiscation order set at the lower figure of £562,636, based on its findings as to his available assets. The confiscated funds will be used to compensate the victims of Faithfull’s crimes.
The court imposed a default prison sentence of four years. This means that, if Faithfull fails to satisfy the terms of the order within three months, he will serve this further term of imprisonment in addition to the five years and 10 months he is already serving.
The FCA will now contact the identified victims of Faithfull’s offending to provide further information. An FCA investigation into other suspects linked to the wider organised crime group continues, with updates on any significant developments to follow.