A former independent financial advisor who ran a scheme along the lines of that of Charles Ponzi (pictured) has gone to prison for ten years - the longest conviction ever secured by the Financial Conduct Authority.

Phillip Harold Boakes was originally handed the sentence on 6 March, after being convicted on three counts of using a forged instrument, two counts of fraudulent trading and one count of accepting deposits without authorisation. His appeal against that sentence has now ended in defeat. He defrauded investors of some £3½ million. Boakes led the usual 'kamikaze' lifestyle of the Ponzi fraudster, indulging in extravagant purchases and losing money on stock market trades. His sentence was exacerbated by the fact that many lives were ruined in the process. The FCA has also taken confiscation action against Boakes and a confiscation order for the sum of £165,731 has been made.

Under the Proceeds of Crime Act 2002 British judges are able to order people to hand over money whose existence has not necessarily been proven, and whose criminal provenance has not actually been proven, on pain of imprisonment. There is no appeal to any kind of jury against such a ruling - only to another judge. Confiscation orders such as these are becoming more prevalent as the rule of law recedes.