Financial Conduct Authority
Manraj Virdee pleads guilty to illegally operating an investment scheme and fraud
In a case brought by the Financial Conduct Authority (FCA), Manraj Virdee recently (07 December 2018) pleaded guilty at Southwark Crown Court to four charges encompassing illegal operation of an unauthorised investment scheme, misleading consumers, and two related counts of fraud and will be sentenced at a date to be confirmed in due course.
The FCA alleges that, between October 2015 and November 2017, Mr Virdee, through a company called Dynamic UK Trades Ltd, promoted a deposit taking scheme, marketed as an ‘investment package’ without authorisation from the FCA. The FCA alleges he received approximately £600,000 in investment funds and misled investors.
The hearing was adjourned till 7 January 2019.
Notes to editors
- Timeline of investigation:
30 November 2017: Manraj Virdee was arrested by Officers of the City of London Police, following an investigation by the Financial Conduct Authority (FCA) into his activities as the sole director of a company known as Dynamic UK Trades Ltd (Dynamic Trades).
17 October 2018: Manraj Virdee answered a summons at Westminster Magistrates Court where he was charged with: Count 1 (contravening the ‘General Prohibition’, contrary to section 19(1) and 23(1) of the Financial Services and Markets Act (FSMA) 2000), Count 2 (financial promotion, contrary to section 21(1) and 25(1) of FSMA) [not guilty plea entered], Count 3 (creating a false or misleading impression, contrary to section 90 (1) & (2) of Financial Services Act (FSA) 2000), Counts 4 & 5 (fraud, contrary to section 1 of the Fraud Act 2006).
14 November 2018: Manraj Virdee appeared at Southwark Crown Court. The case was adjourned to allow Mr Virdee sufficient time to look at the prosecution evidence and for his counsel to take instruction.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more about the FCA.
Latest News from
Financial Conduct Authority
FCA data show 5% drop in complaints in the second half of 201819/04/2019 10:25:00
The Financial Conduct Authority (FCA) yesterday published the complaints figures for regulated firms for the second half of 2018.
FCA sets out its priorities for 2019/2018/04/2019 10:25:00
The Financial Conduct Authority (FCA) yesterday published its Business Plan for 2019/20, which outlines the key priorities for the coming year.
Insurance firms failing to consider value of the products and services provided to consumers11/04/2019 13:43:00
The Financial Conduct Authority (FCA) is warning General Insurance (GI) firms about manufacturing, sales and distribution approaches that can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service.
Upper Tribunal publishes decision on Linear Investments Limited in relation to penalty imposed by FCA10/04/2019 15:10:00
The Upper Tribunal has published its decision on the reference made by Linear Investments Limited (Linear) in relation to the penalty imposed by the Financial Conduct Authority (FCA).
FCA fines Standard Chartered Bank £102.2 million for poor AML controls09/04/2019 16:10:00
The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA.
UK Financial Conduct Authority and Australian Securities and Investments Commission agree to strengthen cooperation post-Brexit08/04/2019 14:10:00
The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) today announced they have agreed two Memoranda of Understanding to ensure there is continuity once the UK leaves the European Union. The MoUs cover trade repositories and alternative investment funds (AIFs).
Claims management companies enter FCA regulation02/04/2019 10:20:00
The Financial Conduct Authority (FCA) began regulating the claims management industry as of yesterday (1 April). All claims management companies (CMCs) in England, Scotland and Wales will now have to demonstrate they meet and maintain minimum standards set by the FCA. All existing and new CMCs will need to apply to the FCA for authorisation.
The UK Financial Conduct Authority and the US Securities and Exchange Commission sign updated supervisory cooperation arrangements01/04/2019 14:28:00
The United Kingdom (UK) Financial Conduct Authority (FCA) and the United States (US) Securities and Exchange Commission (SEC) recently (29 March 2019) reaffirmed their commitment to continue close cooperation and information sharing in the event of the UK’s withdrawal from the European Union (EU).