John Burford has pleaded guilty in a £1m investment fraud case, following a prosecution brought by the FCA.
As sole director of Financial Trading Strategies Limited, Mr Burford promoted a paid-for subscription service through its website to offer daily trade alerts with investment advice, and the opportunity to invest in three self-named ‘tramline’ funds.
Mr Burford took money from over 100 investors and advised on and managed investments without FCA authorisation. He made over £1m in the process, which he used to buy a property and fund his living expenses.
Mr Burford repeatedly lied to investors about how much the funds were worth and hid the full extent of the losses he had incurred while trading.
Mr Burford will be sentenced at a later date at Southwark Crown Court. The FCA will also seek confiscation orders to deprive him of his ill-gotten gains and return monies to investors.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, recently said:
