The FCA has indicted four individuals, all participants in a £1.2 million binary options investment fraud. These are Raheel Mirza, Reuben Akpojaro Cameron Vickers, and Opeyemi Solaja. The fraud is a criminal offence under the common laws of the country, the UK Financial Services and Markets Act 2000 (FSMA), and the Proceeds of Crime Act 2002.
Allegations point to the period between June 2016 and January 2020 during which Vickers, Solaja, and Mirza ran Bespoke Markets, a London company that promoted binary options trading opportunities to users. But all invested funds were not used as investments into the binary platform, but instead indulged by the perps and their lifestyles.
The overseer has further charged Mirza for diverting the court of justice’s work load regarding the case at hand. Helping her do so is one Taheer Sardar, also charged by the FCA.
Section 19 of the FSMA says that no one can act as an executive to an entity that has not been approved beforehand by the FCA. Breaching this, a perp faces a 2 year imprisonment sentence. Also, conspiracy to defraud carries a 10 year sentence, should the perps be found guilty.
This Tuesday, the FCA reminded that binary options trading is not allowed by the law in the UK, because it is inherently risky. Currently, binary options trading is forbidden in the EU, Australia, Canada, and Israel, for much the same reason.
