A man has pleaded guilty to four charges brought against him by the Financial Conduct Authority for defrauding investors out of approximately £600,000.
Manraj Virdee has pleaded guilty at Southwark Crown Court on Friday. The charges covered illegal operation of an unauthorised investment scheme, misleading consumers, and two related counts of fraud.
The regulator alleged the offending took place between October 2015 and November 2017 through a company called Dynamic UK Trades. It promoted a deposit taking scheme, which marketed as an ‘investment package’ despite lacking FCA authorisation.
He was arrested on 30 November 2017 following an FCA investigation.
Virdee will be sentenced at a date to be confirmed in due course.
