The UK Financial Conduct Authority has banned former Dolfin Financial chief executive Denisz Nagy and former finance director Sanjay Maraj from financial services and fined them GBP 324,800 and GBP 122,000, respectively. It has also decided to ban Dolfin co-founder Roman Joukovski after finding that the three lacked integrity through their roles in a scheme designed to circumvent UK investor visa requirements. Between 2016 and 2019, most clients paid GBP 400,000 in fees rather than investing GBP 2 million of their own money in UK companies as required. The scheme enabled at least 99 people to obtain investor visas and generated at least GBP 35.5 million for Dolfin-connected businesses and immigration agents. The FCA found that Nagy and Joukovski led the scheme, Maraj managed its financial aspects, and the individuals concealed relevant information from regulators. Joukovski has referred his Decision Notice to the Upper Tribunal. The findings against him remain provisional, and the proposed ban will not take effect pending the tribunal’s determination.
2026-08-26Financial Conduct Authority
UK Financial Conduct Authority bans two former Dolfin executives and proposes third ban over GBP 35.5 million visa scheme
The UK Financial Conduct Authority has banned two former Dolfin Financial executives and fined them a combined GBP 446,800 over a scheme that helped at least 99 clients bypass investor visa rules. It has also proposed banning Dolfin co-founder Roman Joukovski, who has referred the case to the Upper Tribunal. The scheme generated at least GBP 35.5 million in fees.