A court has jailed one of the men involved in running an unauthorised collective investment scheme to a term of six years and nine months' imprisonment.

One of the eight persons involved in operating an unauthorised collective investment scheme that cost more than 110 investors at least £4.3 million ($6.8 million) has been sentenced to a gaol term of six years and nine months, the UK’s financial regulator said late last week.

The sentence was imposed on Adam Hawkins after he had been convicted on 29 May following a trial at Southwark Crown Court, the Financial Conduct Authority said in a statement.

Hawkins primarily worked as a salesman and was involved in the management of the three land banking companies Plott UK, European Property Investments (UK) Ltd and Stirling Alexander Limited, the FCA said.

His sentence follows sentences of up to eight years' imprisonment handed down in earlier hearings against seven other defendants: Scott Crawley, Dale Walker, Daniel Forsyth, Brendan Daley, Aaron Petrou, Ross Peters, and Ricky Mitchie. All of the convictions are part of Operation Cotton, one of the FCA’s largest-ever investigations and prosecutions. In total, the men have been sentenced to 32 years and nine months' imprisonment.

Confiscation proceedings are being pursued against all defendants, the FCA said.

To see the previous story about the matter, click here.