A man stands accused of defrauding investors in an “unauthorised” scheme which received more than £2 million.

The Financial Conduct Authority (FCA) has launched criminal proceedings against Lee Maggs, from Sittingbourne, who has been charged with two counts of fraud and one of breaching the Financial Services and Markets Act 2000 (FSMA).

The 38-year-old is alleged to have operated an unauthorised investment scheme called Kube Trading which received around £2.67m from investors between March 1, 2019, and January 22, 2021.

The FCA alleges the scheme involved trading contracts for differences in foreign exchange (FX), which is a regulated activity, and that Maggs concealed significant losses from investors.

It is also alleged that he defrauded investors by misrepresenting how the scheme was operated and over the handling of investor funds.

Maggs appeared at Maidstone Magistrates’ Court on Tuesday, April 23.

The case was sent to Maidstone Crown Court for a plea and trial preparation hearing on May 21.