Two men in the UK have been sentenced to a total of 12 years in prison for orchestrating a fraudulent crypto scheme that defrauded victims of over £1.5 million ($2 million) through cold-calling tactics. Raymondip Bedi received a sentence of five years and four months, while Patrick Mavanga was sentenced to six years and six months after both pleaded guilty to multiple charges in November. The Financial Conduct Authority (FCA) revealed that from February 2017 to June 2019, the duo misled at least 65 investors by directing them to a deceptive website promising high returns on fake crypto investments. The funds were funneled into companies they controlled, including Astaria Group LLP and CCX Capital. During sentencing, Judge Griffiths criticized their actions as a blatant disregard for regulatory laws. The FCA's Steve Smart emphasized the importance of the prison sentences, stating that the pair had callously exploited innocent victims. A third defendant awaits retrial, while another was acquitted of charges. Read more AI-generated news on: https://app.chaingpt.org/news