Mr Maggs is alleged to have operated an unauthorised investment scheme called “Kube Trading” which received around £2.67m from investors between 1 March 2019 and 22 January 2021.
The regulator says the scheme involved trading contracts for differences (CFDs) in foreign exchange (FX), which is a regulated activity. Mr Maggs is accused of concealing significant losses from investors.
The FCA also alleges that he defrauded investors by misrepresenting how the scheme was operated and over the handling of investor funds.
He appeared at Maidstone Magistrates’ Court yesterday (23 April 2024) and the case was sent to Maidstone Crown Court for a plea and trial preparation hearing on 21 May 2024.
Mr Maggs faces three counts: Carrying on a regulated activity (namely managing investments) while unauthorised, fraud by abuse of position and fraud by false representation.
Offences under section 1 of the Fraud Act 2006 carry a maximum sentence of 10 years’ imprisonment.
From Financial Planning Jobs. For more click on any job.
-
IFA Administrator - Bedford - £25k-£30k
Financial Planning Jobs Read more... -
Desk Based Adviser - Surrey/Hybrid - To £40k
Financial Planning Jobs Read more... -
Financial Planning Administrator - South East - £28k-£30k
Financial Planning Jobs Read more...
This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.
Financial Planning Jobs https://jobs.financialplanningtoday.co.uk/