The Financial Conduct Authority has launched criminal proceedings against Lee Steven Maggs for two counts of fraud and one count of breaking the Financial Services and Markets Act 2000.
The three counts include carrying on regulated activity while unauthorised, fraud by abuse of position and fraud by false representation.
The regulator has alleged that Maggs from Sittingbourne in Kent, operated an unauthorised investment scheme called ‘Kube Trading’ which received around £2.67mn from investors between March 1 2019 and January 22 2021.
The regulator alleged the scheme involved trading contracts for differences in foreign exchange, which is a regulated activity, and that Maggs concealed significant losses from investors.
It is also alleged Maggs defrauded investors by misrepresenting how the scheme was operated and over the handling of investor funds.
Maggs appeared at Maidstone Magistrates’ Court on April 23 2024, the case was sent to Maidstone Crown Court for a plea and trial preparation hearing on May 21 2024.
alina.khan@ft.com
