The Financial Conduct Authority has secured an additional 499-day prison sentence for Richard Faithfull after he failed to fully pay a Confiscation Order following his earlier conviction in an FCA money laundering case. Faithfull was sentenced in 2021 to 5 years and 10 months in prison for laundering GBP 2.5 million as part of a trans-national organised crime group that handled proceeds from at least seven overseas investment frauds. The court found he should repay GBP 529,961 based on his available assets, but he has paid only GBP 349,214.37. The additional sentence was activated at a City of London Magistrates’ Court hearing on 8 May, after his release from custody in June 2025. A Confiscation Order had originally been made on 23 July 2023 for GBP 562,636, with a four-year default sentence, before being varied down on 12 March 2024 to GBP 529,961 and a 45-month default sentence. He remains liable for the unpaid balance even after serving the extra prison term, and recovered money will be used to compensate victims. The outstanding amount is accruing interest at GBP 39.62 a day, although that interest will not go to victim compensation.
Financial Conduct Authority 2026-05-08
Financial Conduct Authority secures extra 499 days in prison for money launderer over unpaid GBP 529,961 confiscation order
The Financial Conduct Authority has secured an additional 499-day prison sentence for Richard Faithfull after he failed to fully pay a Confiscation Order linked to his 2021 conviction for laundering GBP 2.5 million from at least seven overseas investment frauds. Faithfull has repaid GBP 349,214.37 of the GBP 529,961 ordered, remains liable for the outstanding balance and accruing interest, and recovered funds will be used to compensate victims.