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Sittingbourne Man Charged by FCA over Alleged £2.67m Fraud Scheme

2024-04-24 Brokersview

The Financial Conduct Authority (FCA) has charged Lee Maggs, a Sittingbourne man, with two counts of fraud. Lee Maggs has also been charged with breaching the Financial Services and Markets Act 2000.


He allegedly operated an unauthorized investment scheme called 'Kube Trading' between March 1, 2019, and January 22, 2021, and collected approximately £2.67 million from investors.


According to the FCA, the scheme involved trading contracts for differences (CFDs) in foreign exchange, which is a regulated activity, and Lee Maggs concealed significant losses from investors.


He was also accused of defrauding investors by misrepresenting how the scheme operated and how investor funds were handled.


Lee Maggs appeared at Maidstone Magistrates' Court on Tuesday and the case was transferred to Maidstone Crown Court for a plea at a later date.


(Source: BBC)