Individual Found Guilty of £1.3M Ponzi Fraud, Sentenced by Financial Conduct Authority
In a significant development, the Financial Conduct Authority (FCA) has secured a conviction against Daniel Pugh, aged 35, for perpetrating a Ponzi scheme fraud worth millions. The fraud was committed in Devon, England, through an unlawful investment fund named Imperial Investment Fund (IIF).
Pugh, who was found guilty of one count of conspiracy to defraud, took money from 238 unsuspecting investors. The promised returns to these investors were impossibly high, with promises of 1.4% a day, 7% a week, or 350% a year.
The unauthorized activity breached sections 19 and 21 of the Financial Services and Markets Act 2000. The FCA, the prosecuting body in this case, has initiated confiscation proceedings against Pugh to recover the proceeds of crime.
Investigations reveal that Pugh targeted his victims primarily through Facebook advertisements. The FCA, however, is still seeking another individual in relation to the same offenses, but their identity remains undisclosed.
Steve Smart, the joint executive director of enforcement and market oversight at the FCA, commented, "This conviction sends a clear message that the FCA will not tolerate financial crime. We will continue to pursue those who seek to defraud investors and will use all available powers to recover the proceeds of their crimes."
The FCA encourages anyone with information about the wanted individual or any other potential fraudulent activities to come forward.
- The Financial Conduct Authority (FCA) is seeking another individual in relation to the same offenses as Daniel Pugh, who was convicted for a Ponzi scheme fraud in the business of finance.
- The General-news headlines have reported that the FCA is pursuing those who commit financial crimes, such as Pugh, and will continue to use their powers to recover the proceeds, even while they are still investigating another individual in the crime-and-justice sector.
