On 29 July 2022 at Southwark Crown Court, Mr Larry Barreto pleaded guilty to two counts of carrying on regulated activities without authorisation.
The charges relate to advice provided and arrangements made regarding a series of regulated mortgage contracts between June 2014 and March 2018. Mr Barreto is an unauthorised and prohibited person and as such could not provide regulated financial services.
Mr Barreto is also charged, along with Mr Tassib Hussain, with an offence of committing fraud by false representation. They both deny committing this offence and will face trial on 23 October 2023.
Sentencing for the offences of carrying on unauthorised business will take place after the conclusion of the trial for the fraud offence.
Fraud by false representation is contrary to section 1 of the Fraud Act 2006. It is punishable by a fine and/or up to 10 years’ imprisonment.
Carrying on regulated activities without authorisation is contrary to section 23 of the Financial Services and Markets Act 2000. It is punishable by a fine and/or up to 2 years’ imprisonment.
The FCA commenced criminal proceedings against Larry Barreto and Tassib Hussain for fraud and unauthorised business in April 2021.
Larry Barreto’s date of birth is 6 May 1955.
Tassib Hussain’s date of birth is 13 November 1979. He is charged with one count of fraud by false representation, which he has denied.