UK FCA cracks down on cryptocurrency fraud, two criminals sentenced to over 12 years

ChainCatcher news, according to FinanceFeeds, the UK's Financial Conduct Authority (FCA) has successfully imposed judicial sanctions on Raimondip Bedi and Patrick Mavanga, who were sentenced to 5 years and 4 months and 6 years and 6 months in prison respectively for a £1.5 million cryptocurrency fraud case, totaling over 12 years.

Between 2017 and 2019, the two criminals lured at least 65 investors into investing in fake cryptocurrency schemes through cold calling, involving companies such as CCX Capital and Astaria Group LLP. The judge described them as "key participants in the conspiracy," severely violating the Financial Services and Markets Act 2000.