Boss of Mansfield company accused of fraudulent trading
The boss of a Mansfield-based company has been charged by the Financial Conduct Authority (FCA) for continuing to trade an authorised business.
John Burford
The FCA says John Burford is suspected of generating over £1m between 1 January 2020 and 31 December 2023, when it is alleged that he accepted money from more than 100 investors, and advised and managed investments on their behalf without authorisation.
Burford was the sole director of Financial Trading Strategies (FTS). Through its website, he promoted paid subscription services involving the provision of daily trade alerts which gave advice on trading opportunities as well as investments in three “Tramline” funds.
Investors could £995 a year to join Burford’s VIP Traders Club, or £595 to receive alerts when he spotted a stock market opportunity.
The FCA alleges that Burford, who is in his mid-80s, repeatedly misrepresented the value of the funds and the amount of money he had lost while trading.
Burford will appear before Westminster Magistrates’ Court on May 23.
He has a remarkable backstory, including a spell working at NASA as part of the project to land men on Mars.
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.”
Carrying out unauthorised business is an offence punishable by a fine and/or up to two years’ imprisonment.
Fraudulent trading under section 993 of the Companies Act 2006 is an offence punishable by a fine and/or up to 10 years’ imprisonment.
