$BTC Two Sentenced to 12 Years for $2.1 Million Cryptocurrency Fraud in UK
Two individuals from the UK, Raymondip Bedi and Patrick Mavanga, have been sentenced to a combined total of 12 years in prison for their involvement in a $2.1 million cryptocurrency fraud, following a prosecution by the FCA.
Between February 2017 and June 2019, the pair cold-called victims, selling fake investments in cryptocurrency and defrauding at least 65 investors out of £1,541,799 (about $2,096,795). Bedi received a sentence of 5 years and 4 months, while Mavanga was sentenced to 6 years and 6 months by His Honour Judge Griffiths at Southwark Crown Court.
The judge noted that both defendants played significant roles in a conspiracy that exploited the regulatory system. Confiscation proceedings are ongoing to recover the proceeds of their crimes. Steve Smart, joint executive director of enforcement and market oversight at the UK Financial Conduct Authority (FCA), emphasized the importance of holding criminals accountable for their actions.
