UK Court Sentences Two Men for $2M Cryptocurrency Scam
In a landmark case, the UK has sentenced Raymondip Bedi and Patrick Mavanga to a combined 12 years in prison for a cryptocurrency scam that defrauded 65 investors of over £1.5 million ($2 million). The Financial Conduct Authority (FCA) highlighted this case as a critical win for crypto fraud prevention and regulatory enforcement.
How the Cryptocurrency Scam Worked
From February 2017 to June 2019, the duo operated a cold-calling scheme, luring victims with promises of high returns on fake crypto investments. They directed targets to a professional-looking website, a common tactic in investment fraud.
Legal Consequences and Regulatory Impact
The Southwark Crown Court delivered the sentences after both men pleaded guilty. Judge Griffiths condemned their exploitation of the financial regulatory system. Steve Smart of the FCA stated, “This sentencing underscores our commitment to protecting consumers from crypto scams.”
Key Facts About the Case
- 65 victims lost over £1.5 million.
- The scam lasted from 2017 to 2019.
- Bedi received 5 years and 4 months; Mavanga got 6 years and 6 months.
