Money launderer sentenced to 499 extra prison days
Convicted money launderer Richard Faithfull received an additional 499 days in prison for failing to pay a Confiscation Order. He had only repaid £349,214.37 of the £529,961 owed.
Unpaid debt leads to more jail time
Richard Faithfull, 36, was originally sentenced in 2021 to 5 years and 10 months for laundering £2.5 million.
This was part of a trans-national organised crime group involved in at least 7 overseas investment frauds.
A Confiscation Order required him to pay back £529,961, based on his available assets.
However, Faithfull has only paid £349,214.37 of this amount.
The additional 499-day prison sentence was activated on Friday 8 May at a City of London Magistrates' Court hearing, following his release from custody in June 2025.
Steve Smart, executive director of enforcement and market oversight at the FCA, stated: 'Mr Faithfull's crimes enabled millions of pounds to be scammed from innocent victims.
He tried to evade justice.
Now, having failed to repay what he should, it's right he is put back behind bars.
'
Justice beyond prison walls
The original sentencing judge described Faithfull's actions as 'serious offending' linked to the 'human misery caused by boiler room fraud,' noting that money was 'simply being slaughtered' rather than invested.
Despite serving the additional prison time, Mr Faithfull remains liable for the outstanding debt.
The unpaid balance continues to accrue interest at a daily rate of £39.62, though this interest will not contribute to victim compensation.
The FCA emphasizes that fighting financial crime is a key priority under its 5-year strategy, ensuring that money recovered from such cases is used to compensate victims.
No escape from financial obligations
This case underscores the FCA's relentless pursuit of financial criminals, even after initial imprisonment.
It sends a clear message that evading confiscation orders carries severe and immediate consequences.
For victims, the continued recovery efforts offer a measure of justice, reinforcing the principle that crime does not pay.