Unscrupulous Individual Found Guilty for £1.3M Ponzi Fraud by FCA
In a recent court ruling, Daniel Pugh, a 35-year-old resident of Devon, England, has been found guilty of fraud. The Financial Conduct Authority (FCA) prosecuted Pugh for his involvement in a Ponzi scheme called the Imperial Investment Fund (IIF).
Pugh targeted 238 investors through Facebook advertisements, promising impossibly high returns of 1.4% a day, 7% a week, or 350% a year. The scheme, which began its operation unknown to many, netted over £1 million.
Steve Smart, the joint executive director of enforcement and market oversight at the FCA, stated that Pugh's activities breached sections 19 and 21 of the Financial Services and Markets Act 2000. At the start of the trial, Pugh pleaded guilty to carrying out unauthorised regulated activity.
The FCA will now commence confiscation proceedings to recover the proceeds of the crime. However, it is important to note that another individual is still wanted in relation to the same offences.
Pugh was found guilty of one count of conspiracy to defraud. This marks a significant step in the FCA's efforts to protect investors and maintain integrity in the financial market.
[1] Source: Financial Conduct Authority (FCA) Press Release, [Date of Press Release]
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