FCA secures £290k confiscation order against investment scheme fraudster
The FCA has secured a confiscation order totalling £291,070 against convicted fraudster, Mark Barry Starling.
Starling was sentenced to five years’ imprisonment for defrauding investors of just under £3m in relation to unauthorised investment schemes he operated between 2008 and 2017.
The Court found that Starling had gained £3,010,982 from his criminal conduct, but that the total realisable assets for confiscation was £291,070 as he had spent the rest of the victims’ monies.
The money will be used to compensate the 14 victims of his crimes who lost around £1.8 million in total.
If Starling doesn’t pay the confiscation order on time, he is liable to spend a further two and a half years in prison.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: "The FCA will continue to take steps to ensure that proceeds of criminal activity are confiscated from the criminals we prosecute so that victims can be compensated as far as possible."
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Buy-to-let
The Mortgage Works launches sub-3% buy-to-let rates
Tax
HMRC rule change set to impact millions of landlords and sole traders
HSBC
HSBC launches over two dozen sub-4% mortgage rates
Bank Of England
Bank of England cuts interest rates by 0.25% in three-way vote
April Mortgages
April Mortgages launches 7x loan-to-income lending
Pension
Government announces plans to consolidate small pension pots
