The Financial Conduct Authority (FCA) reported that Christopher Woolcott received a two year prison sentence, suspended for two years, after staging a GBP 154 million fake takeover bid for Touchstone Exploration Inc. He was also ordered to complete 200 hours of unpaid work and pay GBP 4,627.73 in costs.
Woolcott built a sizeable stake in the oil and gas company before launching the bogus bid to inflate its share price. Had the scheme succeeded, he could have gained up to GBP 70,000 by selling his shares. He fabricated identities, forged takeover documents using ChatGPT and met Touchstone’s chief executive under a false name. Touchstone ultimately determined that the bid was not legitimate.
The FCA combined transaction reporting data with phone records and physical evidence to identify Woolcott. Investigators traced three phone numbers used by purportedly different individuals to the same handset, which was later recovered during searches of his home and workplace. Woolcott pleaded guilty on 10 September 2026 to one count of fraud by false representation and three counts of making a false instrument.