The UK Financial Conduct Authority (FCA) has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for two counts of fraud and one count of breaching the Financial Services and Markets Act 2000 (FSMA). The three counts are as follows: • Carrying on regulated activity (namely managing investments) whilst unauthorised, contrary to section 19 and section 23 of the Financial Services and Markets Act 2000. • Fraud by abuse of position, contrary to section 1 and section 4 of the Fraud Act 2006. • Fraud by false representation, contrary to section 1 and section 2 of the Fraud Act 2006. Mr Maggs is ... (full story)