July 23 Britain's financial regulator said it
had begun a criminal prosecution against currency trader Philip
Boakes for 13 alleged offences relating to an unauthorised
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