Former IFA Ponzi fraudster handed two extra years in jail

Justice-Fine-Ban-Court-Gavel-Judge-700x450.jpgA former IFA serving a 10-year jail term for a Ponzi fraud has today seen his sentence extended by a further two years.

A Southwark Crown Court judge added the 730 day penalty after Phillip Boakes failed to pay a confiscation order made at the same time his sentence was upheld in November.

Boakes was first sentenced in March last year, having been convicted of defrauding at least 30 investors of £3.5m following an FCA investigation.

HHJ Loraine-Smith added a further confiscation order of £165,731 in November, with Boakes granted until 2 February to settle the sum.

However, the full value of the confiscation order currently remains unpaid.

Boakes continues to be liable for the outstanding debt, which is accruing interest at a daily rate of £36.32.

FCA director of enforcement and market oversight Mark Steward says: “The FCA welcomes the Court’s decision today.

“Wrongdoers should not be able to retain the benefits of their wrongdoing. The FCA will continue to ensure orders to strip wrongdoers of their ill-gotten gains are enforced and not ignored or evaded.”

Boakes pleaded guilty to two counts of fraudulent trading, three counts of using a forged instrument and one count of accepting deposits without authorisation.

Between October 2002 and January 2013, he offered investors guaranteed annual returns of 20 per cent or more through what he claimed where forex investments made by his business, CurrencyTrader, although any returns were actually funded from deposits and funds from new investors.

Boakes had previously been an FCA approved adviser and he misled investors into thinking that he was still an IFA.

According to the Financial Services Register, Boakes was a regulated adviser with Ashley Law from December 2001 until October 2002.

He then worked at Suffolk-based mortgage firm GBP Financial Solutions from July 2007 to December 2008.

Boakes was declared bankrupt in January 2013.