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FCA launches criminal proceedings against forex trader

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FCA launches criminal proceedings against forex trader

The Financial Conduct Authority (FCA) has started a criminal prosecution over an unauthorised investment scheme.

The FCA has alleged that Phillip Boakes used his company Currencytrader to commit theft, six counts of fraud, and accept deposits without authorisation or exemption between 2004 and 2013.

Boakes appeared before the City of London Magistrates’ Court on 22 July 2014, and the case was passed to Southwark Crown Court with the first preliminary hearing scheduled for 5 August 2014.

The FCA declined to comment further.

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