The UK Financial Conduct Authority (FCA) has stated that Richard Faithfull has been ordered by the Southwark Crown Court to pay £562,636 after being found guilty in September 2021.
The Court calculated that Richard Faithfull’s financial gain from criminal activities was £4,130,936. However, after considering his available assets, the Court has determined that the amount to be confiscated is £562,636. These funds will be utilized to provide compensation to the individuals harmed by Mr. Faithfull’s offenses.
Richard Faithfull has been given a prison sentence of 4 years by the Court. This means that if he does not meet the conditions of the Confiscation Order within 3 months, he will have to serve this extra prison time along with the 5 years and 10 months he is already serving.
The regulator will now reach out to the victims associated with Richard Faithfull’s criminal actions to give them more details.
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