The UK Financial Conduct Authority (FCA) has brought criminal proceedings against Guy Flintham for committing fraud by false representation and for carrying on a regulated activity without authorisation.
The FCA alleges that between January 2016 and November 2021, Mr Flintham, based in Blackburn, Lancashire, defrauded around 240 investors by making false statements to get them to invest around £19m in an investment scheme he managed the same.
Mr Flintham made a number of fraudulent claims to investors, including how the scheme worked and the profits they could and did make through the scheme. He forged documents to support some of his claims.
In accepting funds from investors, Mr Flintham was undertaking the regulated business of taking deposits, for which he was not authorized. Therefore, the FCA further alleges that, as an unauthorized person, Mr Flintham committed the offense of carrying on a regulated activity without authorization or dispensation.
Mr Flintham appeared at Westminster Crown Court on 22 January 2024 where he pleaded not guilty to the offense of carrying on a regulated activity without authorization or dispensation. He made no allegation of the offense of fraud.
The case has been sent to Southwark Crown Court for a plea and trial preparation hearing, which will take place on 19 February 2024.