The Court of Appeal has upheld a ten year prison sentence imposed on Philip Harold Boakes following his convictions in an FCA prosecution.

In addition, the FCA has banned Mr Boakes from performing any regulated activity and imposed a confiscation order on him.

The prison sentence was imposed in March 2015 on Mr Boakes for embarking on a Ponzi scheme, resulting in losses of £1 million.

The Court decided to uphold the sentence on the basis that the victims of Mr Boakes’ dealings had sustained “life changing loss”.

The Court also took into consideration Mr Boakes’ extravagant lifestyle, which included sports cars and luxurious foreign holidays.

The FCA has initiated confiscation proceedings against Mr Boakes, including a confiscation order for £165,731. If the confiscation order is not paid on time, then Mr Boakes could spend a further two years in prison.

Copies of the final notice  http://bit.ly/1RWlr0m

and press release http://bit.ly/1QR9dFz