FCA prosecutes five people for 'all-or-nothing' alleged £1.2m investment fraud

The Financial Conduct Authority (FCA) has prosecuted five individuals for their role in 'all-or-nothing' investment scheme which has allegedly defrauded £1.2m from UK investors, it said. 

It is alleged that between June 2016 and January 2020 Cameron Vickers, Raheel Mirza and Opeyemi Solaja (aka Opeyemi Olaja) ran a London-based company called Bespoke Markets Group which defrauded £1.2 million from UK investors.

The regulator also alleges that that money was used to fund their lifestyles, rather than the binary options investments that were advertised. The FCA describes binary options investments as a high-risk ‘all-or-nothing' type of investment, in which the investor will attempt to predict whether an event will happen or not. If they win, they'll see a return, but if they're wrong, they'll lose all their investment, it said.

This type of investment has been banned for retail use since 2019, according to the FCA.

They were each charged with offences under the Financial Services and Markets Act 2000, the Proceeds of Crime Act 2002 and an offence of conspiracy to defraud contrary to common law, the regulator said.

In addition, Reuben Akpojaro, who also worked at Bespoke Markets Group, was charged with the same offences relating to the scheme in May 2022.

Following an application at Southwark Crown Court on 31 October 2022, two prosecutions for alleged investment fraud will be heard as a single trial of four defendants, according to the FCA, which is listed to start on 6 February 2023 with a six to eight week time estimate.

Last month, a further charge was brought against Raheel Mirza and a fifth individual, Taheer Sardar, for perverting the course of justice relating to the FCA's investigation. The FCA alleges that between 31 July 2022 and the 1 October 2022, the two men created a false document to influence the case. This was adjourned until 16 November 2022 for a Plea and Trial Preparation Hearing.

Earlier this month, the regulator announced that it had placed restrictions on twice as many firms in the investment market compared to last year, as part of its strategy designed to prevent harm in the consumer investment market.