British authorities have sentenced Richard Faithfull to 5 years and 10 months in jail for money laundering. Faithfull can also not become a company director for the next 10 years.
For more than a year, Faithfull organized a sophisticated operation to launder £2.5 million ($3.46m), obtained from over 7 different overseas investment frauds, as part of an international organized crime group. Faithfull used multiple accounts and front companies in several countries to conduct this operation. He also used his prior training as an investment advisor to help his co-conspirators to defraud victims by paying them fake returns on their investments through bank accounts that he controlled.
Faithfull even moved to Ukraine to avoid authorities. Here, he led an extravagant life while still pursuing his criminal activities. After the authorities arrested him, Faithfull tried to deceive them but ultimately confessed to his dishonesty.
Source: Financial Conduct Authority, UK