An individual has been found guilty of fraud following a prosecution by the Financial Conduct Authority (FCA).
The regulator secured a conviction against Daniel Pugh, who set up a £1.3m Ponzi scheme.
Through his fraudulent Imperial Investment Fund (IIF), Pugh took money from 238 investors he targeted largely through Facebook adverts. The FCA revealed that these investors were offered “impossibly high” returns of 1.4% a day, 7% a week or 350% a year.
Pugh has been found guilty at Southwark Crown Court of one count of conspiracy to defraud. At the start of the trial, he also pleaded guilty to carrying out unauthorised regulated activity.
Joint executive director of enforcement and market oversight at the FCA, Steve Smart, said: “Pugh deliberately defrauded unsuspecting investors. Fighting financial crime is a priority for the FCA and we are committed to holding fraudsters to account.”
The FCA confirmed it would commence confiscation proceedings to recover the proceeds from Pugh’s activity.
The regulator also revealed that a further individual remains wanted in relation to the same offences.
Latest News
-
Regulators urged to improve policy communications to advice sector
-
One in five people giving away money to beat IHT, study finds
-
The Mortgage Mum and LIBF launch new scholarship scheme
-
Retail investors withdraw £1.8bn from funds in August
-
Annual house price growth up to 2.2% in September – Nationwide
-
Hargreaves Lansdown hits record AUA in FY25
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories