FCA charges Ian Hudson with fraudulent trading and defrauding creditors
City watchdog The Financial Conduct Authority (FCA) just announced it has launched criminal proceedings against Ian James Hudson, following an investigation.
The FCA said that Hudson appeared at Westminster Magistrates’ Court in relation to three charges.
This includes carrying on a business, namely Richmond Associates, with the intention to defraud creditors and carrying on regulated activities namely advising on investments and accepting deposits without authorisation.
Allegations
The FCA alleges that between 1 January 2008 and 31 July 2019, Hudson advised on investments and purported to invest deposits received by him from clients on their behalf.
“At no point during this time was he authorised by the FCA to undertake these financial services, as is required by law,” the watchdog said in a statement.
“While 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,” the FCA added.
Hudson will appear at Southwark Crown Court for a Plea and Trial Preparation Hearing on 17 June 2021.