FCA prosecutes individuals involved in binary options scheme Bespoke Markets Group

Steffy Bogdanova
November 1, 2022 2:34 pm

The Financial Conduct Authority today revealed it has prosecuted five individuals for their involvement in an alleged investment fraud.

According to the regulator, between June 2016 and January 2020 these individuals ran a London based company called Bespoke Markets Group which allegedly defrauded £1.2 million from UK investors. Among the five individuals prosecuted by the FCA are Cameron Vickers, Raheel Mirza and Opeyemi Solaja (aka Opeyemi Olaja).

The UK watchdog further alleges that the invested money were not used to fund the binary options investments that were advertised but rather defendants’ lifestyles. Each of them was charged with offences under the Financial Services and Markets Act 2000, the Proceeds of Crime Act 2002 and an offence of conspiracy to defraud contrary to common law.

Additionally, Reuben Akpojaro, who worked at the Group, was also charged with the same offences in May 2022.

The FCA also noted that further charges were brough against Raheel Mirza and a fifth individual, Taheer Sardar, for obstruction of FCA’s investigation. According to the Agency, the two men created false documents meant to influence the case.

The FCA stated:

Binary options are a high-risk ‘all-or-nothing’ type of investment, which have been banned for retail use since 2019. The investor will attempt to predict whether an event will happen or not. If they win, they’ll see a return, but if they’re wrong, they’ll lose all their investment.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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