The Financial Conduct Authority (FCA) has charged Christopher McGuire, Keith Williamson and Carla Walker with their alleged roles in a high-risk contract-for-difference (CFD) trading scheme.
The three men face several charges, including fraud by false representation and trading, for persuading people to invest their pension savings in CFDs. In a press statement, the FCA explained that CFDs are “high-risk investment products used to bet on asset prices.”
Victims of this alleged fraud reportedly said they were influenced by the defendants to use their pension funds in these investments. Britain’s financial watchdog said McGuire, Williamson and Walker are suspected of earning large fees for themselves on CFD trades while losing almost all of their victims’ funds.
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The FCA also alleges that these individuals deceived trading platforms by claiming that their customers were experienced investors. It is estimated that the victims lost more than £8 million. The regulator’s charges against Mr. McGuire, Mr. Williamson and Mr. Walker include fraudulent trading. FCA said in a media statement:
Between January 1, 2015 and June 30, 2017, Christopher McGuire, Keith Williamson, and Carla Walker ensured that their clients met professional investment standards even though they did not actually meet them. Made false and misleading representations to the CFD trading platform as if the house met the eligibility criteria.
Mr. McGuire also faces five additional charges of fraud by false representation. The FCA is contacting other possible victims and urging them to contact the authorities. The defendant is scheduled to appear at Westminster Magistrates’ Court on June 7, 2024.
https://www.leaprate.com/financial-services/rules-and-regulation/fca-charges-three-individuals-with-cfd-fraud/
