The FCA has instigated legal proceedings in opposition to Lee Steven Maggs, 38, of Sittingbourne, Kent, for 2 counts of fraud and one rely of breaching the Monetary Companies and Markets Act 2000 (FSMA).
Mr Maggs is alleged to have operated an unauthorised funding scheme known as “Kube Buying and selling” which acquired round £2.67m from traders between 1 March 2019 and 22 January 2021.
The regulator says the scheme concerned buying and selling contracts for variations (CFDs) in international alternate (FX), which is a regulated exercise. Mr Maggs is accused of concealing important losses from traders.
The FCA additionally alleges that he defrauded traders by misrepresenting how the scheme was operated and over the dealing with of investor funds.
He appeared at Maidstone Magistrates’ Courtroom yesterday (23 April 2024) and the case was despatched to Maidstone Crown Courtroom for a plea and trial preparation listening to on 21 Could 2024.
Mr Maggs faces three counts: Carrying on a regulated exercise (particularly managing investments) whereas unauthorised, fraud by abuse of place and fraud by false illustration.
Offences beneath part 1 of the Fraud Act 2006 carry a most sentence of 10 years’ imprisonment.
