TL;DR: On 23 September 2026, City of London Police announced that the man behind two fraudulent binary options firms had been sentenced to 5 years 6 months. The firms, Choice Option and Blue Crest Capital Options, defrauded 74 investors of more than £1 million before collapsing in October 2016. He fled the UK, was found in Singapore in 2020 and was deported in August 2025.

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What happened

According to City of London Police, brokers working for the two companies cold-called members of the public and promised "guaranteed monthly returns and significant profits". The money was not traded. It went on staff salaries, business costs and dividend payments, and the man behind the firms personally gained over £202,000, about 20% of the funds invested.

The scheme collapsed in October 2016. He left the UK, was located in Singapore in 2020 and was deported in August 2025 after a conviction there for unrelated offences. He was also dealt with for perverting the course of justice over a false tenancy document. Three co-defendants were sentenced in January 2024. Note that the force's page puts the loss at 74 investors and over £1 million; other official pages describe the victim numbers differently, so treat the exact count with care.

Red flags in this kind of fraud

How to protect yourself

Check any firm on the FCA Firm Checker before handing over money, and use the contact details listed there rather than those the caller gives you. No legitimate investment can guarantee returns. If you have already paid, contact your bank at once. Our guides on investment and trading app scam recovery and realistic expectations for crypto scam recovery explain what is realistic, and crypto scam statistics for 2026 shows how widespread the problem is.

The long road to a sentence

Cases like this show how slowly justice can move. The firms collapsed in 2016, yet the sentence came only in September 2026, after the man was traced abroad and deported. Victims of investment fraud should not assume that a quiet period means a case has been dropped, and should keep every statement, call record and email. Anyone who invested through a cold call should also be cautious about later approaches offering to recover their money for a fee, a pattern covered in our guide to recovery scams. Reporting promptly, even years later, helps investigators connect victims to the same operation.

Where to report

Report investment fraud to Report Fraud (Action Fraud) online or on 0300 123 2040, and see how to report a scam to Action Fraud for the steps.

Frequently Asked Questions

When was the sentence announced?

City of London Police published the sentence of 5 years 6 months on 23 September 2026.

How much did the scheme take?

The force says 74 investors lost over £1 million, and the man behind it personally gained over £202,000.

How did the firms attract investors?

Brokers cold-called the public and promised guaranteed monthly returns, but the money went on salaries, costs and dividends rather than trading.

How can I check an investment firm?

Look it up on the FCA's Financial Services Register using the contact details listed there, and treat unsolicited calls promising guaranteed returns as a red flag.

Sources

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