The FCA has obtained a confiscation order against convicted fraudster John Burford, the former NASA physicist who defrauded more than 100 investors out of £1m between 2016 and 2021.
He offered trade alerts and investment opportunities in managed “funds”, despite lacking FCA authorisation.
The FCA found he repeatedly misled investors about fund performance, concealed losses and used their money for personal gain, including buying a property.
Mr Burford attracted a range of investors through self-published articles, blogs, and a book which he used to promote his trading credentials and broaden his reach.
Investors of Mr Burford described placing considerable trust in him because of his purported expertise and many described the significant financial and emotional impact his offending had on their lives.
At a hearing at Southwark Crown Court on 27 July, Mr Burford was ordered to pay £655,951.40. The amount represents the total value of assets the court determined were available to be recovered. The funds will be returned directly to victims of his crimes.
Together with payments previously made by Mr Burford to investors, nearly all the money, an estimated 99%, originally invested by the approximately 70 known victims will have been returned.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “Mr Burford scammed investors to fund his own lavish lifestyle. Clawing back stolen money from fraudsters and returning it to victims sends a clear message that crime doesn’t pay.”
If Mr Burford does not pay the confiscation order within three months, he faces a default prison sentence of up to five years.
The FCA said the confiscation proceedings form part of its ongoing work to deprive criminals of the proceeds of their crimes and get money back for fraud victims.