Breaking: Duo Slammed with 12 Years for £1.5M Crypto Con!

Justice Served in Cold-Calling Crypto Scam

Hold onto your hats, folks! Two slick scammers just got slapped with a hefty 12-year prison sentence for pulling off a £1.5 million crypto cold-calling heist. And guess what? This is just part of the UK's FCA's massive takedown on financial fraud and shady promotions.

On July 4, Southwark Crown Court's Judge Griffiths dropped the hammer on Raymondip Bedi and Patrick Mavanga. Bedi, hailing from Bromley, got 5 years and 4 months, while Peckham's Mavanga snagged 6 years and 6 months. The FCA led the charge, showing no mercy in prosecuting these crypto crooks.

These two masterminds cold-called unsuspecting victims, peddling fake crypto investments and leaving at least 65 investors high and dry. We're talking a cool £1.5 million down the drain, folks!

From February 2017 to June 2019, Bedi and Mavanga ran their scam like a well-oiled machine, using companies like CCX Capital and Astaria Group LLP to lure in victims. They promised the moon with bogus crypto consultancy services, exploiting trust and dodging regulations left and right.

The FCA's not done yet – they're in the middle of confiscation proceedings to claw back the dirty money. And hey, if you were a victim and haven't spoken up, the FCA's got a helpline waiting for your call.

Both Bedi and Mavanga copped to their crimes back in 2023, pleading guilty to a laundry list of charges. We're talking conspiracy to defraud, breaching the Financial Services and Markets Act 2000, money laundering, and even possession of fake IDs. Mavanga also got nabbed last November for trying to mess with justice.

This sentencing is just one piece of the FCA's epic crackdown on illegal financial promotions and crypto fraud. Just last month, they spearheaded a global enforcement blitz targeting those rogue "finfluencers," resulting in arrests, charges, and a ton of takedown requests for misleading social media posts.