After being found guilty of fraud, former Charlton Athletic player, Richard Rufus has been sentenced to prison.
Following a lengthy trial at Southwark Crown Court, Richard Rufus was found guilty of a number of charges including fraud, after claiming to be an experienced foreign exchange (Forex) trader and conning money from colleagues, friends, family, and even his church.
What is Foreign Exchange (Forex) Trading?
Forex trading involves changing one currency into another. Most trading in forex markets is done by commercial and investment banks for trade, commerce or tourism. Given the daily fluctuations in currency prices, forex is used by some as a means of making money, however, it is considered risky and complex, with no guaranteed rate of return.
Background to the prosecution
+ −Mr Rufus claimed he could make up to 60% returns for investors, but what investments he made lost money ‘hand over fist’. Some of the ‘returns’ were paid, but only because more people had bought into the scheme and there was more money to move around – the money was never actually invested and, in effect, Rufus was ‘robbing Peter to pay Paul’. Other money was used to fund Rufus’ lavish lifestyle, including a large house in an exclusive development, a Bentley car and a Rolex watch.
The jury deliberated for almost 19 hours, finding Richard Rufus guilty of three counts of fraud, using around £2m in criminal property and also carrying out a regulated activity without authorisation. The total value of the fraud was almost £8 million.
Lengthy custodial sentence
+ −At the conclusion of the trial, Judge Dafna Spiro said told Rufus that he would be receiving a custodial sentence. At his sentencing hearing held on 12th January 2023, Mr Rufus was handed a seven-and-a-half-year prison sentence and will have to serve at least half of that time in prison.
TLW Solicitors’ view
+ −Commenting on Mr Rufus’ sentence, Sarah Spruce, Head of the Fraud team at TLW Solicitors said:
“From the case it seems that the investors were unaware that Mr Rufus was not authorised by the Government backed City watchdog, the Financial Conduct Authority (FCA) to carry out forex trading, a regulated financial service. The FCA has an updated register of authorised firms and individuals and recommends that you should always check it before dealing with anyone claiming to be involved in financial services.
If you are worried that you, a loved one or friend have been scammed through a forex or other financial scam, then it is extremely important to advise the police and your bank, and also report any suspected fraud to Action Fraud, the National Fraud and Cyber Crime Reporting Centre. If you have lost money, then there may be a criminal investigation by the police as happened in this case.
The significant sentence handed down to Mr Rufus demonstrates how serious this type of crime is and reflects the devastating impact it can have on fraud victims. Hopefully the robust sentence will serve as a deterrent to would be scammers.”
What can TLW Solicitors do to help victims of fraud?
+ −The specialist Fraud team at TLW Solicitors can help you make a claim for compensation if you have been conned by fraudsters. We understand the processes involved and the time limits to be followed. We have robust case management systems meaning that we keep progressing with your case and keep you fully up to date.
We work on a ‘no-win, no-fee’ basis meaning that, if your case is unsuccessful, we will not charge for the time we have spent.
If you, a friend or a relative have been conned out of money in forex or another financial scam, contact us by calling 0800 169 5925, emailing info@tlwsolicitors.co.uk or completing one of the forms below.
It is important to get advice as soon as possible as strict time limits can apply.
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“The significant sentence handed down to Mr Rufus demonstrates how serious this type of crime is and reflects the devastating impact it can have on fraud victims.”
Sarah Spruce
