Three men sentenced to 24.5 years for all-or-nothing investment fraud.

Three people have been convicted of investment fraud

Three people have been convicted of investment fraud and sentenced to a total of 24 and a half years for their involvement in the FCA trial.

Between June 2016 and January 2020, Cameron Vickers, Raheel Mirza, Opeyemi Solaya and Reuben Akpojaro made cold calls to members of the public using aliases to persuade them to invest in BMG.

A variety of UK and overseas companies and bank accounts were set up to distance the Defendants from fraud (including Upscale Limited, registered in the Marshall Islands) and money laundering.

Their scheme defrauded around 120 UK investors, extracting from them''approximately £1.2 million.

To encourage people to invest or increase their investment, BMG offered to double the investment with their own funds and recoup losses over the first 3-6 months.

Investors had access to an advanced online platform that appeared to show trading of their funds, but this was rigged to show trading activity when in fact there was none.

Sentencing and Punishment

The first 3 defendants - Cameron Vickers, Raheel Mirza and Opeyemi Solaya - were sentenced on April 6, 2023.

Cameron Vickers was sentenced to 7 and a half years in prison.

Rachel Mirza was sentenced to 8 years in prison for conspiracy to defraud and 18 months for concealing a course''justice (9 and a half years in total).

Opeyemi Solai was sentenced to 7 and a half years in prison.

Rubena Akpojaro will be sentenced on May 26, 2023.

Update page 22/05/2023

On May22, 2023, Reuben Akpojaro was sentenced to 6 months suspended sentence for 12 months and 150 hours of community service.

When sentencing Mr. Akpojaro, his Honorable Judge Hare observed that Mr.

Regulation of binary options

Binary options became regulated by the FCA from January 3, 2018''year.

Binary options are a high-risk, all-or-nothing investment where 80% of investors lose their money.

Binary options have been banned for retail use since July 2018.

FCA is asking all affected consumers who have made investments with BMG and who have not yet contacted the FCA about this matter to contact the FCA on 0800 111 6768 or email [email protected]

Information on detainees

• Cameron Vickers is from Essex, date of birth May 29, 1995.
• Rahil Mirza - originally from East London, date of birth July 24, 1984.
• Opeyemi Solaya - originally from Northamptonshire, date of birth October 6, 1989.
• Ruben Akpojaro - hails from South East London, date of birth January 11, 1983''year.

Source: FCA