UK regulator starts prosecution against currency trader Boakes

July 23 Wed Jul 23, 2014 5:26am EDT

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July 23 (Reuters) - Britain's financial regulator said it had begun a criminal prosecution against currency trader Philip Boakes for 13 alleged offences relating to an unauthorised investment scheme.

The Financial Conduct Authority (FCA) said 54-year-old Boakes had used his private firm, Currencytrader Ltd, to operate a scheme between Oct. 1, 2004 and June 4, 2013 that claimed to carry out foreign exchange trading on behalf of its investors.

The British currency trader would be tried against a string of allegations, ranging from accepting deposits without proper authorisation to theft, the regulator said on Wednesday.

The next court hearing is scheduled for Aug. 5. (Reporting by Esha Vaish in Bangalore; Editing by Gopakumar Warrier)

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