The UK corporate watchdog has secured a confiscation order totalling £291,070 against convicted fraudster, Mark Barry Starling.
Starling was sentenced to five years in jail last November, after being found guilty of defrauding investors of just under £3m through a range of bogus investment funds over the course of a decade.
In a statement this Wednesday the regulator said if Starling failed to pay the confiscation order of £291,070.36 made against him at Southwark Crown Court, he risked spending an additional two and a half years in prison.
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"
The funds will be used to compensate the 14 victims, including friends and acquaintances of Starling, who invested just under £3m in unauthorised investment schemes operated between 2008 and 2017. This means the victimswill reclaim just under 10% of the £3m he made operating unauthorised investment schemes.
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."
Starling claimed to be running three funds, the 'Pilot Dax Fund', the 'Shadow Dax Fund' and the 'Pilot Eurostoxx Fund.' He described himself as a proprietary futures trader.
He only traded £8,000 of the £3m invested with him, on which he made a loss of £2,450. The watchdog said Starling spent the rest of the victims' money maintaining his "comfortable lifestyle". In addition, the FCA said Starling resorted to forging documents and correspondence in order to cover up his deception and to prolong the fraud.