On 23 July 2014, FCA announced that it had commenced the criminal prosecution of FX trader Philip Boakes in relation to an unauthorized investment scheme which claimed to carry out FX trading for the benefit of its investors. The scheme operated between 1 October 2004 and 4 June 2013. The prosecution relates to13 alleged offences including theft, fraud, using a false instrument, being party to the carrying on of a business for a fraudulent purpose and accepting deposits without authorization or exemption. The first preliminary hearing is scheduled for 5 August 2014 at Southwark Crown Court, London.

The FCA press release is available at: http://www.fca.org.uk/news/fca-commences-criminal-prosecution-against-phillip-boakes