Man charged with fraud over £2.67m scheme

Lee Maggs is alleged to have operated an unauthorised investment scheme called 'Kube Trading' which received around £2.67m from investors

A man has been charged by the Financial Conduct Authority (FCA) with two counts of fraud.

Lee Maggs, from Sittingbourne, has also been charged with a count of breaching the Financial Services and Markets Act 2000.

He is alleged to have operated an unauthorised investment scheme called 'Kube Trading' which received around £2.67m from investors between 1 March 2019 and 22 January 2021.

The FCA alleges the scheme involved trading contracts for differences in foreign exchange, which is a regulated activity, and that Mr Maggs concealed significant losses from investors.

It is also alleged Mr Maggs defrauded investors by misrepresenting how the scheme was operated and over the handling of investor funds.

Mr Maggs appeared at Maidstone Magistrates’ Court on Tuesday, where the case was sent to Maidstone Crown Court for a plea at a later date.