UK regulator prosecutes currency trader

London - Britain's financial regulator said it had begun a criminal prosecution against currency trader Philip Boakes for 13 alleged offences relating to an unauthorised investment scheme.

The Financial Conduct Authority (FCA) said 54-year-old Boakes had used his private firm, Currencytrader, to operate a scheme between October 1 2004 and June 4 2013 that claimed to carry out foreign exchange trading on behalf of its investors.

The British currency trader would be tried against a string of allegations, ranging from accepting deposits without proper authorisation to theft, the regulator said on Wednesday.

The next court hearing is scheduled for August 5.