Financial Crime World

Three Men Sentenced to 24.5 Years in Prison for £1.2 Million Investment Fraud Scam in the UK

Three individuals, Cameron Vickers, Raheel Mirza, and Opeyemi Solaja, have been convicted and sentenced to a combined total of 24.5 years in prison for their involvement in a complex investment fraud case, orchestrated through a London-based firm named Bespoke Markets Group (BMG). Reuben Akpojaro, another defendant, was also convicted of related offenses, bringing the total number of convictions in this case to four.

Details of the Scam

Approximately 120 unsuspecting UK investors were targeted, resulting in losses totaling £1.2 million. The trio, along with Akpojaro, made cold calls to potential investors, disguising themselves under various pseudonyms and offering investment opportunities in ‘Binary Options.’ They diverted the funds to their own accounts, masking the scheme’s true nature through the use of offshore companies and bank accounts.

Sentencing Remarks

Judge Hehir, presiding over the trial, described BMG as “a money-making machine” and condemned the trio as “a loose confederation of criminally-minded associates.” The defendants had spent the ill-gotten funds on luxurious travel, cosmetic dental procedures, online gambling, property purchases, a wedding reception, and nightclub partying in London.

  • Cameron Vickers was sentenced to 7.5 years in prison for his role as the ’trading floor manager,’ who lured investors face-to-face.
  • Raheel Mirza received a combined sentence of 9.5 years—8 years for conspiring to defraud and an additional 18 months for perverting the course of justice.
  • Opeyemi Solaja was ordered to serve 7.5 years in prison for his involvement in the scam. All three were barred from being company directors for the subsequent 10 years.

Proceedings with Reuben Akpojaro

On 3rd April, Akpojaro was found guilty of making calls to consumers, selling binary options without FCA authorization. Although he was acquitted of fraud and money laundering charges, Akpojaro was sentenced to 6 months in prison, suspended for 12 months, and 150 hours of community service.

Judge Hehir acknowledged that while Akpojaro knew he was selling financial products without authorization, he may not have been aware that the scam was fraudulent.

FCA’s Response and Consequences

The Financial Conduct Authority (FCA) responded to the convictions by expressing their commitment to eliminating rogue traders from operating in the UK. Thérèse Chambers, the Executive Director for Enforcement and Market Oversight at the FCA, commented, “We will continue to identify and disrupt rogue traders operating in the UK.”

As a result of the FCA’s efforts, binary options, a high-risk form of investment with an 80% risk of loss for investors, were regulated by the FCA on the 3rd of January 2018. Retail use for binary options was banned since July 2018, and the FCA is currently recovering stolen funds for the benefit of the victims.

Cameron Vickers, Raheel Mirza, Opeyemi Solaja, and Reuben Akpojaro were separately convicted of different crimes:

  • Cameron Vickers, a resident of Essex, was convicted of conspiracy to defraud.
  • Raheel Mirza, an East London native, was convicted of conspiring to defraud and perverting the course of justice.
  • Opeyemi Solaja, from Northamptonshire, was convicted of conspiracy to defraud.
  • Reuben Akpojaro, a Southeast Londoner, was convicted of a breach of the ‘General Prohibition’ under sections 19/23 of the Financial Services and Markets Act 2000.

Conspiracy to defraud (maximum punishment: 10 years in prison), and carrying out an unauthorized regulated financial activity (maximum punishment: a fine and/or up to 14 years in prison) are punishable offenses in the UK. Money laundering is a criminal offense punishable by a fine and/or up to 14 years in prison.