The UK Financial Conduct Authority (FCA) has
charged five individuals for their involvement in a binary options investment that defrauded investors of £1.2 million.

The four persons are Cameron Vickers, Raheel
Mirza, Opeyemi Solaja (also called Opeyemi Olaja), and Reuben Akpojaro, the UK
financial markets regulator announced on Tuesday.

The watchdog alleged that Vickers, Mirza, and
Solaja between June 2016 and January 2020 ran a London-based investment company
called Bespoke Markets.

However, rather than invest the funds they
collected from investors in the binary options they advertised, the individuals
allegedly used the money to fund their lifestyles.

FCA said it also charged Akojaro, who also
worked at the investment company, with the same offenses.

Furthermore, the regulator said it charged Mirza
alongside another individual, Taheer Sardar, for allegedly perverting the
course of justice with regard to its investigation.

“The FCA alleges that between 31 July 2022 and 1
October 2022, the two men created a false document to influence the case. This
was adjourned until 16 November 2022 for a Plea and Trial Preparation Heading,”
FCA explained.

Binary Options Ban

In the Tuesday statement, the FCA emphasized that binary options trading among retail
investors is prohibited in the United Kingdom due to the high risks involved.

Binary options are also forbidden in the European Union (EU), Canada, Australia and Israel.

“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 will see a return, but if they’re wrong, they’ll lose all their
investment,” FCA explained.

The regulator explained that the scheme carried
out by the four individuals constitutes a criminal offense under the UK Financial
Services and Markets Act 2000 (FSMA), the Proceeds of Crime Act 2002, and the country’s
common law.

FCA explained that Section 19 of FSMA outlines that an
individual cannot executive a regulated activity in the UK unless authorized or
exempted by the FCA. The section also prescribes a maximum sentence of two-year
imprisonment for contravention.

On the other hand, money laundering under the Proceeds of Crime Act
2002 attracts a fine and or imprisonment of up to 14 years upon conviction.

Additionally, the watchdog noted that conspiracy
to defraud under the country’s common law carries a maximum sentence of up to
10 years of imprisonment once found guilty.

The UK Financial Conduct Authority (FCA) has
charged five individuals for their involvement in a binary options investment that defrauded investors of £1.2 million.

The four persons are Cameron Vickers, Raheel
Mirza, Opeyemi Solaja (also called Opeyemi Olaja), and Reuben Akpojaro, the UK
financial markets regulator announced on Tuesday.

The watchdog alleged that Vickers, Mirza, and
Solaja between June 2016 and January 2020 ran a London-based investment company
called Bespoke Markets.

However, rather than invest the funds they
collected from investors in the binary options they advertised, the individuals
allegedly used the money to fund their lifestyles.

FCA said it also charged Akojaro, who also
worked at the investment company, with the same offenses.

Furthermore, the regulator said it charged Mirza
alongside another individual, Taheer Sardar, for allegedly perverting the
course of justice with regard to its investigation.

“The FCA alleges that between 31 July 2022 and 1
October 2022, the two men created a false document to influence the case. This
was adjourned until 16 November 2022 for a Plea and Trial Preparation Heading,”
FCA explained.

Binary Options Ban

In the Tuesday statement, the FCA emphasized that binary options trading among retail
investors is prohibited in the United Kingdom due to the high risks involved.

Binary options are also forbidden in the European Union (EU), Canada, Australia and Israel.

“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 will see a return, but if they’re wrong, they’ll lose all their
investment,” FCA explained.

The regulator explained that the scheme carried
out by the four individuals constitutes a criminal offense under the UK Financial
Services and Markets Act 2000 (FSMA), the Proceeds of Crime Act 2002, and the country’s
common law.

FCA explained that Section 19 of FSMA outlines that an
individual cannot executive a regulated activity in the UK unless authorized or
exempted by the FCA. The section also prescribes a maximum sentence of two-year
imprisonment for contravention.

On the other hand, money laundering under the Proceeds of Crime Act
2002 attracts a fine and or imprisonment of up to 14 years upon conviction.

Additionally, the watchdog noted that conspiracy
to defraud under the country’s common law carries a maximum sentence of up to
10 years of imprisonment once found guilty.