Update: Fraudulent futures fund trader Starling jailed for five years

Mark Starling defrauded investors of £3m

The manager of three unauthorised investment schemes has been sentenced to five years in prison for defrauding investors of almost £3m, of which he splashed out £1m maintaining his own lifestyle, the Financial Conduct Authority (FCA) has confirmed.

The FCA announced in August that it had opened an investigation into Mark Starling, who has now been found to have falsely purported to carry out proprietary futures trading across three funds; the Pilot Dax fund, the Shadow Dax fund and the Pilot Eurostoxx fund. FCA's Butler urges tech rethink on tackling money laundering and fraud In reality, over a period of nine years Starling traded just £8,000 of the £3m invested with him, on which he made a loss of £2,450. Starling did on occasion pay money back when requested to his 24 investors, whom are expected to see "some limited compe...