The Financial Conduct Authority (FCA) has begun criminal proceedings against a foreign exchange (forex) trader who set up an unauthorised investment scheme.
A case is being brought against Phillip Harold Boakes of Stratford-upon-Avon, Warwickshire, for 13 alleged offences relating to an unauthorised investment scheme he operated between 1 October 2004 and 4 June 2013. Boakes, using his company Currencytrader, operated a scheme that purported to carry out forex trading for the benefit of its investors. He is accused of accepting deposits without authorisation, contrary to sections 19 and 23 of the Financial Services and Markets Act 2000. Other charges include being party to the carrying on of a business, namely Currencytrader, for a fr...
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