UK Court Imposes £562,636 Confiscation Order on Richard Faithfull for Money-Laundering Criminal Activity
On Friday 28 July 2023, Southwark Crown Court issued a Confiscation Order against Richard Faithfull of £562,636 for his role in laundering the proceeds of 7 overseas investment frauds. The court determined that Mr Faithfull’s criminal benefit was £4,130,936, and the confiscated funds will be used to compensate victims of his crimes. In addition, Richard Faithfull will face a default prison term of 4 years if he is unable to satisfy the terms of the Confiscation Order within 3 months. The Financial Conduct Authority (FCA) investigation into other suspects linked to the wider organised crime group continues. The FCA will contact identified victims of Richard Faithfull’s offending to provide further information on the case.