UK FCA cracks down on cryptocurrency fraud, two criminals sentenced to more than 12 years in prison

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According to ChainCatcher, citing FinanceFeeds, the UK Financial Conduct Authority (FCA) successfully imposed judicial sanctions on Raymondip Bedi and Patrick Mawanga. They were sentenced to 5 years and 4 months and 6 years and 6 months in prison, respectively, for a cryptocurrency fraud case worth 1.5 million pounds, totaling over 12 years.

Between 2017 and 2019, the two criminals used telephone sales to persuade at least 65 investors to invest in fraudulent cryptocurrency schemes, involving companies such as CCX Capital and Astar Group LLP. The judge described them as the "main participants in the conspiracy," seriously violating the Financial Services and Markets Act 2000.

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