Individual Found Guilty in £1.3 Million Ponzi Fraud Case by FCA
In a recent court hearing at Southwark Crown Court, 35-year-old Daniel Pugh was found guilty of fraud for operating a Ponzi scheme through the Imperial Investment Fund (IIF). The Financial Conduct Authority (FCA) prosecuted Pugh for the fraud, which involved breaching sections 19 and 21 of the Financial Services and Markets Act 2000.
Pugh, who pleaded guilty at the start of the trial to carrying out unauthorized regulated activity, was also convicted of one count of conspiracy to defraud in addition to his previous guilty plea. The IIF, set up by Pugh, netted over £1 million through fraudulent activities.
The fraud was committed in Devon, England, and Pugh targeted 238 investors primarily through Facebook advertisements. The promised returns to investors were impossibly high, at 1.4% a day, 7% a week, or 350% a year.
Steve Smart, the joint executive director of enforcement and market oversight at the FCA, commented on the case, stating that the FCA will initiate confiscation proceedings to recover the proceeds of the crime. As of the latest reports in August 2025, the FCA has confirmed that it will commence these proceedings against Daniel Pugh. However, there is no specific update on the current status of these proceedings, such as a timeline for completion or any recent developments in the case.
The FCA has also noted that another individual remains wanted in connection with the same offenses. The authorities urge anyone with information regarding this individual to come forward.
[1] Financial Conduct Authority press release
[2] BBC News article
[4] City A.M. article
- The Financial Conduct Authority (FCA) is taking legal action to seize the assets gained from the crime, as a proactive measure to recover the proceeds of the fraud committed by Daniel Pugh, following his conviction for operating a Ponzi scheme in the realm of business finance.
- Despite the ongoing confiscation proceedings initiated by the FCA against Daniel Pugh, the authorities continue their pursuit of another individual associated with the same crime in the context of general-news and crime-and-justice.
