After a four-week trial, Richard Rufus, 48, of London, was found guilty of four counts of fraud by false representation, money laundering, and one count of engaging in a regulated activity without authorization. On Thursday, January 12, 2023, he was sentenced to seven and a half years in prison at Southwark Crown Court. Rufus deliberately deceived those who were close to him and those who trusted him to scam them out of substantial sums of money,” said Detective Constable Claire Sandford-Day of the City of London Police’s fraud operations team. He used his former footballer status to make it appear that he was living a wealthy life as a result of his former career and investments, when in reality, he was not profiting from his trading activities and was using the money from his victims to fund his lifestyle.” Rufus, a former Charlton Athletic FC player, claimed to be a successful foreign exchange trader with extensive knowledge and persuaded his family and friends to invest. He presented himself as an honest and positive character with a desire to help others, and he assured investors that it would be a high-return, low-risk investment, making it difficult for many to decline. He told one victim that he only traded 5% of the capital investment, which meant that 95% would have been safely retained, reducing the risk of large losses. In reality, Rufus used the money invested to repay those who had paid into a pyramid scheme, as well as to fund his own lifestyle. According to an analysis of his spending from May 2007 to the end of 2010, Rufus spent nearly £300,000 on shopping, car finance, travel, and restaurants. Investors received approximately £7.6 million of the £15 million paid to accounts controlled by Rufus. Friendships and loyalties among friends were shattered as a result of the scam, with many people suffering from severe financial and mental health problems as a result of the scheme. Rufus told his friends and family that he didn’t need a Financial Conduct Authority (FCA) licence because there was an exemption that allowed him to trade on behalf of friends and family. The FCA provided extensive support and assistance in relation to the prosecution, including sharing information and documents obtained through its investigation, providing technical support in relation to the offence of carrying on a regulated activity without authorization and the exemption that Rufus was attempting to rely on, and assisting with several disclosure requests. Rufus provided a prepared statement saying he had done nothing wrong and that his actions were in “good faith” during his initial interview under caution by the City of London Police in July 2015. He then made no response to any of the questions posed to him.