By PAUL O’DONOGHUE, Senior Correspondent
A UK court has sentenced a former stockbroker convicted of money laundering to an additional 499 days in prison after he failed to fully repay a confiscation order linked to a £2.5 million ($3.4 million) scheme.
Richard Faithfull, 36, originally received a five-year-and-10-month prison sentence in 2021. The court found that he laundered £2.5 million as part of a trans-national organised crime group, with the case involving proceeds from at least seven overseas investment frauds. The FCA (Financial Conduct Authority), the UK’s financial watchdog, brought the prosecution.
The court also ordered Faithfull to repay £529,961, based on an assessment of his available assets. He has since paid £349,214.
At the original sentencing hearing, the judge described the offending as “serious offending” linked to the “human misery caused by boiler room fraud”. The judge also said that “money coming in (to accounts controlled by Faithfull) was not being invested, it was simply being slaughtered”.
Steve Smart, executive director of enforcement and market oversight at the FCA, said Faithfull’s conduct caused substantial harm to victims.
“Mr Faithfull’s crimes enabled millions of pounds to be scammed from innocent victims. He tried to evade justice. Now, having failed to repay what he should, it’s right he is put back behind bars,” he said.
A City of London Magistrates’ Court activated the additional prison term on Friday 8 May. Faithfull left custody in June 2025.
He will remain liable for the outstanding debt even after serving the additional sentence. The FCA said it will use recovered funds to compensate victims of his crimes.
The FCA also said it prioritises tackling financial crime under its five-year strategy.
The court issued the original confiscation order on 23 July 2023. It set repayment at £562,636, with a requirement to pay within three months or face a further four years in prison. The court later reduced the order to £529,961 on 12 March 2024. It also lowered the additional custodial term to 45 months.
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