The Financial Conduct Authority (FCA) has prosecuted Daniel Pugh, who has been found guilty of conspiracy to defraud for operating the fraudulent Imperial Investment Fund. He pleaded guilty at the start of the trial to carrying on unauthorised regulated activity and communicating unauthorised investment promotions in breach of sections 19 and 21 of the Financial Services and Markets Act 2000. The FCA said Pugh ran a Ponzi scheme that took more than GBP 1m from 238 investors, largely recruited through Facebook adverts promising returns of 1.4% a day, 7% a week or 350% a year. Confiscation proceedings will be commenced to recover the proceeds of crime, and a further individual remains wanted in connection with the same offences.
Financial Conduct Authority 2025-12-05
Financial Conduct Authority secures fraud conviction for GBP 1m Imperial Investment Fund Ponzi scheme
The Financial Conduct Authority (FCA) has prosecuted Daniel Pugh for conspiracy to defraud through the fraudulent Imperial Investment Fund, violating sections 19 and 21 of the Financial Services and Markets Act 2000. Pugh operated a Ponzi scheme, defrauding 238 investors of over GBP 1 million with false promises of high returns. Confiscation proceedings are underway, and another individual is sought in connection with these offences.