An 85-year-old alleged fraudster has been charged by the Financial Conduct Authority, accused of fleecing investors through a bogus scheme.
John Burford, whose investment activity was investigated by our columnist Tony Hetherington, is suspected to have generated more than £1million from fraudulent practices.
The FCA said Burford, who used the Tramline Trader moniker, ‘sought to defraud his clients for personal gain’.
He is accused of accepting money from more than 100 investors between 1 January 2020 and 31 December 2023, advising and managing their investments without authorisation, through his company Financial Trading Strategies Ltd.
Burford’s website promoted paid subscription services and daily trade alerts giving advice on trading opportunities.
Trading troubles: John Burford, 85, will appear in court in May
He also offered investments in three ‘Tramline’ funds, the value of which the FCA claims Burford misrepresented, as well as the amount of money he had lost while trading.
Burford is set to appear before Westminster Magistrates’ Court in May this year under charges of carrying out unauthorised business and fraudulent trading.
The FCA said carrying out unauthorised business is punishable by a fine or up to two years in prison, while fraudulent trading is punishable by a fine or as much as 10 years in prison.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: ‘Fighting financial crime is central to our new strategy and we will take action against criminal behaviour which harms consumers and damages the integrity of our markets.
‘We allege that Mr Burford sought to defraud his clients for personal gain.’
The FCA said it began investigating Burford in May 2023, taking 23 months to bring charges, compared to an average case length of 42 months.
Burford offered a VIP Traders Club for £995 per year, and a £595 fee to get daily alerts on promising stock market opportunities.
The Mail on Sunday and This is Money colulmnist, Tony Hetherington, revealed last year that Burford claimed to investors the FCA had frozen his and their assets, but the FCA said it had not placed a restraint order on the fund.
Despite Burford saying his assets were frozen, he later announced he had made a ‘massive profit’ by speculating in oil.
At the time the FCA had placed Burford’s company on a warning list, saying: ‘This is an unauthorised firm that may be providing financial services or products in the UK without our permission.’.
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