This confiscation order follows the FCA prosecution in which Mr Starling was sentenced to 5 years’ imprisonment for defrauding investors of just under £3m in relation to unauthorised investment schemes he operated between 2008 and 2017.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
‘The FCA will continue to take steps to ensure that proceeds of criminal activity are confiscated from the criminals we prosecute so that victims can be compensated as far as possible.’
The Court found that Mr Starling had derived a benefit of £3,010,982.18 from his criminal conduct, but that the total realisable assets for confiscation was £291,070.36. Mr Starling had spent the rest of the victims’ monies maintaining his comfortable lifestyle.
The monies will be used to compensate the 14 victims of his crimes who lost around £1.8 million in total.
If Mr Starling doesn’t pay the confiscation order on time, he is liable to spend a further 2.5 years in prison.