Topic : Ian Hudson sentenced to 4 years imprisonment for fraudulent trading and carrying on regulated activities without authorisation
Subject of Enforcement: Ian Hudson
Date of Notice: 26th July 2021
Overview: on 26th July 2021, at Southwark Crown Court, His Honour Judge Tomlinson sentenced Ian James Hudson to 4 years’ imprisonment for one count of fraudulent trading, with two additional terms of 14 months, each reflecting a breach of s19 FMSA, to run concurrently following his earlier guilty plea. This followed charges laid by the FCA namely carrying on a business, Richmond Associates, for a fraudulent purpose and carrying on regulated activities when not authorised or exempt.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
‘Mr Hudson’s defrauding was calculated and persistent over a number of years, preying on victims who believed he was a financial adviser and trusted friend when he was neither of these things. We remind investors to check the FCA’s register of authorised person to ensure any financial adviser is authorised to provide financial advice by the FCA.’
Between 1 January 2008 and 31 July 2019, Mr Hudson advised on regulated mortgages, pensions and other investments and purported to invest significant deposits received by him from clients on their behalf. At no point during this time was he authorised by the FCA to undertake these, or any, financial services, as is required by law.
In addition, while Mr Hudson told clients that the money they deposited with his business, Richmond Associates, would be invested in various financial vehicles or otherwise put to specific uses, this was not always the case. Instead he used those deposits to re-pay existing clients, to make payments to other individuals, or to fund his own lifestyle. In total, approximately £2m was deposited by Mr Hudson’s clients.
Confiscation proceedings are being pursued by the FCA. Any sums recovered from Mr Hudson will be used to compensate victims.
Penalty: 4 years Imprisonment
Topic : Final Notice against Complete Solutions Group Limited
Subject of Enforcement: Complete Solutions Group Limited
Date of notice: 9th July 2021
Original Notice: The Authority has cancelled CSGL’s Part 4A permission.
It appears to the Authority that CSGL is failed to satisfy the Effective Supervision, Suitability and Appropriate non-financial resources Threshold Conditions. This is because CSGL has failed to respond to the Authority’s information requirements and attempts to communicate. CSGL is therefore considered not capable of being effectively supervised by the Authority, having regard to all the circumstances.
CSGL has not provided information to demonstrate that it is ready, willing and organised to comply with the requirements and standards of the regulatory system. CSGL has failed to deal openly and co-operatively with the Authority in breach of Principle 11 (Relations with regulators) of the principles. CSGL has failed to inform the Authority that all directors resigned from Companies House, as required by SUP 15.3.1. CSGL is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it was granted a Part 4A permission.