In July 2021 Ian James Hudson was sentenced to four years imprisonment for fraudulent trading and carrying on regulated activities without authorisation.

It was believed he took £2m from clients.

He ran a Midlands-based business called Richmond Associates for a fraudulent purpose, the court heard, and carried out regulated activities when not authorised or exempt.

During its investigation the FCA found out that some of the money given to Mr Hudson was sometimes used to repay existing clients, to make payments to other individuals, or to fund his own lifestyle. In total, approximately £2m was deposited by Mr Hudson’s clients.

Between 1 January 2008 and 31 July 2019, Mr Hudson advised on regulated mortgages, pensions and other investments and purported to invest significant deposits received by him from clients on their behalf. At no point during this time was he authorised by the FCA to undertake these, or any, financial services, the FCA said. 

Confiscation proceedings are still being pursued by the FCA with any sums recovered from Mr Hudson to be used to compensate victims.

Following a hearing before Judge Tomlinson in Southwark Crown Court this week, the FCA secured a confiscation order, under the Proceeds of Crime Act 2002, against Ian James Hudson for fraudulent trading and carrying on regulated activities without authorisation.

The court made a confiscation order against Ian Hudson in the sum of £220,710.14. The court also ordered this amount be paid as compensation to the victims of his illegal activities.

The court also imposed a default prison sentence of two years under the terms of the confiscation order for Mr Hudson, which means that he would be liable to serve a prison term if he does not satisfy his confiscation order. 

The FCA said in a statement this week that it had carried out extensive inquiries to identify all victims who are eligible for compensation but is now making a final call for any remaining victims to come forward.

Richmond Associates was based in Walsall, West Midlands.

The FCA can be contacted via these methods: 

•   Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

•   Freephone: 0800 111 6768 or 0300 500 8082

•   Writing to: Financial Conduct Authority, Unauthorised Business Department, Operation Southam Case Team, 12 Endeavour Square, London E20 1JN.