FCA secures conviction for £1.3m Ponzi scheme
The Financial Conduct Authority (FCA) has secured the conviction of Daniel Pugh for operating a £1.3m Ponzi scheme through the Imperial Investment Fund (IIF). Mr Pugh was found guilty of one count of conspiracy to defraud and had earlier pleaded guilty to carrying out unauthorised regulated activity, breaching sections 19 and 21 of the Financial Services and Markets Act 2000. The FCA notes that Mr Pugh targeted 238 investors via Facebook adverts, offering returns of up to 350% annually. It intends to commence confiscation proceedings to recover the proceeds of crime and says a further individual remains wanted in connection with the same offences.