Nicholas Harper Found Not Guilty of £1.54 Million Crypto Scam in the UK

19 hours ago

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FCA AND crypto ETN

The UK Financial Conduct Authority (FCA) confirmed that Nicholas Harper, aged 26, has been fined following a conviction under the Data Protection Act. On 1 September, Harper pleaded guilty to encouraging or assisting an offence that breached the Act. The court fined him £100 and imposed a £30 victim surcharge for the offence.

However, in a retrial at Southwark Crown Court on 19 September, Harper was found not guilty of conspiracy to defraud and not guilty of carrying out regulated activity without FCA authorisation. Both charges are serious criminal offences under UK law, and his acquittal marked a partial conclusion to a wider investigation.

The FCA noted that no further details of the data protection breach could be shared at this stage, citing confidentiality. Harper’s date of birth is listed as 21 December 1998, and he remains convicted only of the single data protection offence.

Investor Takeaway

Harper’s case shows regulators pursuing data protection breaches alongside financial crimes, even if .

What About The Fraud Case?

While Harper avoided conviction on fraud-related charges, others connected to the identical investigation received lengthy prison terms. Raymondip Bedi and Patrick Mavanga were sentenced to a combined 12 years in prison for running a scam that defrauded at least 65 investors of approximately £1.54 million.

The FCA stated that the fraudulent scheme targeted retail investors, and its operators were successfully prosecuted for serious offences including conspiracy to defraud. The convictions underline the regulator’s continued focus on pursuing scams that exploit ordinary savers.

A fourth individual, Minas Filippidis, remains wanted in connection with the identical fraud. his whereabouts, indicating that the case has not yet been fully concluded.

Investor Takeaway

The core and remains ongoing, showing that investor scams face significant regulatory and criminal penalties.

What Is The Legal Context?

The retrial also tested Harper’s alleged breach of the Financial Act (FSMA) 2000. Section 19 of FSMA sets out the General Prohibition, making it unlawful to carry on a regulated activity in the UK without FCA authorisation or exemption. Harper was acquitted of conspiracy to breach this requirement.

Additionally, Harper faced charges under the Criminal Law Act 1977 and the Fraud Act 2006, both of which criminalise conspiracy to defraud. The jury’s decision to acquit him indicates insufficient evidence that Harper knowingly engaged in fraudulent conduct alongside the convicted individuals.

Ultimately, Harper’s conviction was confined to a data protection offence. This reflects the FCA’s ability to pursue a wide range of enforcement actions — from fraud and financial misconduct to breaches of data security — within its regulatory and prosecutorial remit.