AML case study: Ex-premier league star Richard Rufus jailed over £15M fraud

Former footballer Richard Rufus involved friends, family, and associates in a pyramid scheme in which a total of £15M was invested with him. Using his status as a former athlete to appear wealthy and successful, he claimed he was a foreign exchange trader and convinced his victims to invest in what he said were low-risk schemes. Ultimately he failed to make a profit from his trading activities. The Pentecostal church, which had invested with him, lost its £5m. Of the £15m paid to accounts controlled by Rufus, investors received back a total of around £7.6m. He was tried and convicted and received a jail sentence of 7 and a half years. Rufus was found guilty of fraud, money laundering and carrying out a regulated activity without authorisation.

The case raised a number of red flags–including the big one that Rufus was not regulated–that should have been picked up on but weren’t. Investors were blinded by Rufus’ charm and flashy lifestyle.

Read VinciWorks’ case study

VinciWorks new case study about the scam explains what happened, how Rufus was caught, what the penalties were, and what the red flags in the case were. The case study also includes important information on how to protect yourself from financial investment fraud and and what to do if you’ve been a victim of financial investment fraud.

Read the case study

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