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FCA Fines to Senior Bankers Drops 40% in Four YearsReuters

The Financial Conduct Authority has launched a criminal prosecution against Phillip Harold Boakes, 55, for carrying out unauthorised foreign exchange trading activities.

The FCA confirmed in a statement that Boakes, of Stratford-upon-Avon, Warwickshire, has to answer to 13 alleged offences relating to an unauthorised investment scheme he operated between 1 October 2004 and 4 June 2013.

Boakes, using his company Currencytrader Limited, operated a scheme that purported to carry out forex trading for the benefit of its investors but had instead accepted deposits without authorisation or exemption.

Boakes' first court appearance was at City of London Magistrates' Court on 22 July 2014.

The regulator said the case was passed to Southwark Crown Court with the first preliminary hearing scheduled for 5 August 2014.

The FCA said it "cannot provide any further comment or information at this time."