Kristofer McGuire, Keith Williamson and Karla Walker have been charged with multiple offences, including fraud by false representation and fraudulent trading, after they targeted victims by persuading them to invest in contracts for difference (CFDs).
CFDs are a high-risk investment product used to bet on the price of an asset.
Many victims of the alleged fraud were encouraged to use their pensions to invest which were then traded to generate large commissions for those running the scheme, with victims’ pension funds almost entirely lost.
The FCA alleges that Mr McGuire, Mr Williamson and Ms Walker made false statements to a trading platform that their clients were professional investors.
Mr Williamson and Mr McGuire are accused of fraudulent trading, and Mr McGuire faces 5 further counts of fraud by false representation.
The total known loss to victims is over £8 million.
The defendants will appear before Westminster Magistrates’ Court on 7 June 2024.
Anyone who believes they have suffered loss in relation to this matter is encouraged to contact the FCA consumer contact centre on 0800 111 6768 (freephone).
