The Financial Conduct Authority (FCA) has obtained a confiscation order under the Proceeds of Crime Act 2002 against a convicted fraudster. As a result, victims of his crimes are expected to recover most of the money they invested.

The fraudster offered trade alerts and investment opportunities in managed 'funds', despite not being authorised to do so. The FCA found that he had repeatedly misled investors about fund performance and used their money for personal gain. He was given a two-year prison sentence after defrauding more than 100 investors out of a total of £1 million.

He was ordered to pay £655,951, representing the value of assets that the court determined were available to be recovered. The funds will be returned directly to the investors.

The 70 known victims are expected to receive nearly 99 per cent of the money they originally invested, including payments previously made to them. The fraudster must pay the confiscation order within three months or face a further five years in prison.

Consumers are encouraged to use the FCA Firm Checker to check if firms are authorised for the investments they offer.