The Financial Conduct Authority (FCA) has launched criminal proceedings against Guy Flintham for committing fraud by false representation and for carrying out regulated activity without authorisation. The FCA alleges that between January 2016 and November 2021, Mr Flintham, based in Blackburn, Lancashire, defrauded around 240 investors by making false representations to persuade them to invest approximately £19m in an investment scheme operated by him. Mr Flintham made a number of fraudulent claims to investors, including about how the scheme was operated and the profits they could and were making via the scheme. He falsified documents in order to support some of his claims.
In accepting funds from investors, Mr Flintham was undertaking the regulated activity of accepting deposits, which he was not authorised to do. The FCA therefore further alleges that, as an unauthorised person, Mr Flintham committed the offence of carrying on regulated activity without being authorised or exempt.
Mr Flintham appeared at Westminster Magistrates’ Court on 22 January 2024 where he entered a plea of Not Guilty in respect of the offence of carrying on regulated activity without being authorised or exempt. He did not indicate a plea in respect of the fraud offence. The case was sent to Southwark Crown Court for a Plea and Trial Preparation Hearing, which will take place on 19 February 2024.
Fraud by false representation is contrary to section 1 of the Fraud Act 2006. It is punishable by a fine and/or up to 10 years’ imprisonment. Carrying on regulated activities without authorisation is contrary to section 23 of the Financial Services and Markets Act 2000. It is punishable by a fine and/or up to 2 years’ imprisonment.
