The Financial Conduct Authority has secured a confiscation order of GBP 452,286.80 against convicted fraudster Daniel Pugh, who is serving seven years and six months in prison for defrauding investors of GBP 1.3 million through what was, in effect, a Ponzi scheme. The amount represents the value of the assets the court found available for recovery, and sums paid under the order are to be used to compensate victims. Operating from his bedroom in Devon, Pugh used Facebook adverts to target investors and promised wholly unrealistic returns from trading across various markets. Only 19% of the money raised was actually traded, and the scheme was run with another individual. At a hearing at Southwark Crown Court on 5 June 2026, he was ordered to pay within three months or face a default prison sentence of up to four years and nine months. The FCA said it has carried out extensive inquiries to identify eligible victims and is making a final call for any remaining victims to come forward by 30 June 2026. Victims who have already contacted the FCA and whose losses have been confirmed are also being asked to finalise their details.
Financial Conduct Authority2026-06-08
Financial Conduct Authority secures GBP 452,286.80 confiscation order against Daniel Pugh over GBP 1.3 million Ponzi scheme
The Financial Conduct Authority has secured a confiscation order of GBP 452,286.80 against convicted fraudster Daniel Pugh, who defrauded investors of GBP 1.3 million through a Ponzi-style scheme. The amount reflects assets available for recovery and will be used to compensate victims, with Pugh ordered by Southwark Crown Court to pay within three months or face a default prison sentence of up to four years and nine months.