Convicted money launderer sentenced to extra prison time

A convicted money launderer has been sentenced to an additional 499 days in prison for failing to fully pay the money owed under a Confiscation Order.

In 2021, Richard Faithfull was sentenced to 5 years and 10 months in prison for laundering £2.5 million, following a prosecution brought by the Financial Conduct Authority (FCA). He was part of a transnational organised crime group which laundered the proceeds of at least 7 overseas investment frauds.

Faithfull is required to pay back £529,961, based on the Court’s findings on his available assets. However, he has only paid £349,214.37.

When he was originally sentenced, the Judge remarked that Faithfull’s was ‘serious offending’ linked to the ‘human misery caused by boiler room fraud’ and that ‘money coming in (to accounts controlled by Faithfull) was not being invested, it was simply being slaughtered’.

The additional prison sentence was activated at a City of London Magistrates’ Court hearing. Faithfull had been released from custody in June 2025.

Even after serving the sentence in default of payment, Faithfull will continue to be liable for the outstanding debt. Money recovered from Faithfull will be used to compensate the victims of his crimes.

Steve Smart, Executive Director of enforcement and market oversight at the FCA, said, “Mr Faithfull’s crimes enabled millions of pounds to be scammed from innocent victims. He tried to evade justice. Now, having failed to repay what he should, it’s right he is put back behind bars.”