UK FCA cracks down on cryptocurrency fraud, two criminals sentenced to more than 12 years in prison

according to FinanceFeeds, the Financial Conduct Authority (FCA) of the United Kingdom has successfully imposed judicial sanctions on Raymond Dipu Badi and Patrick Mwangi. The two men were sentenced to 5 years and 4 months and 6 years and 6 months of imprisonment, respectively, for a cryptocurrency fraud case worth £1.5 million, totaling over 12 years.

Between 2017 and 2019, the two criminals used telephone sales to lure at least 65 investors into investing in fraudulent cryptocurrency schemes involving companies such as CCX Capital and Astaria Group LLP. The judge described them as "key participants in the conspiracy", seriously violating the Financial Services and Markets Act 2000.