Guy Flintham, based in Blackburn, Lancashire, defrauded around 240 investors by making false representations to persuade them to invest approximately £19m in an investment scheme operated by him between January 2016 and November 2021.

Mr Flintham made a number of fraudulent claims to investors, including about how the scheme was operated and the profits they could and were making via the scheme.

He also falsified documents in order to support some of his claims, the FCA said.

Sentencing of Mr Flintham will take place on 26 April. 

Mr Flintham pleaded not guilty to a further count of carrying on regulated activity without authorisation or exemption, contrary to the Financial Services and Markets Act 2000.

He had earlier appeared at Westminster Magistrates’ Court on 22 January where he did not indicate a plea in respect of the fraud offence but pleaded not guilty to the carrying on regulated activities offence.

Fraud by false representation is punishable by a fine and/or up to 10 years’ in prison.

Carrying on regulated activities without authorisation is contrary to section 23 of the Financial Services and Markets Act 2000 and is punishable by a fine and/or up to 2 years’ imprisonment.