One of the men behind an illegal collective investment scheme has been sentenced to another year in prison after failing to pay his FCA-ordered compensation.
Ross Peters was one of eight men convicted over their role in a land banking scheme. The group ran a Ucis operation through three companies which cold-called potential investors to sell land they either did not own or had promised vast profits on that did not materialise.
Investors handed over more than £5m. In May, the FCA secured around £2.2m in confiscation orders against the group so they could hand back at least 40 per cent of the capital to investors who had lost out.
Peters has failed to turn over the full amount ordered, so has been given an additional 400 days in prison on top of the five and a half years he must already serve, and will have to pay the order plus interest when he leaves.
Peters was liable for £136,000, but only turned £21,000 over to the FCA by his deadline.
FCA director of enforcement and market oversight Mark Steward says: “Confiscation orders cannot be ignored and will be enforced to ensure wrongdoers are held to account and their victims compensated as far as possible.”