The Financial Conduct Authority (FCA) has started criminal proceedings against Daniel Pugh, who has been charged with one count of fraud and three offences of breaching the Financial Services and Markets Act 2000 (FSMA).
The UK watchdog alleges that between 1 March 2019 and 31 August 2020, Pugh defrauded investors out of approximately £1.3m ($1.68m, €1.5m) through an unauthorised investment scheme, known as “Imperial Investments Fund”.
Specifically, the FCA alleges that Pugh:
- “conspired to defraud by making a number of misrepresentations regarding the interest rates offered, trading activity and profits from the scheme to those willing to invest in the scheme”; and
- “carried out regulated activity in the UK, namely accepting deposits, operating a collective investment scheme and inducing people to invest, when he was not authorised by the FCA, or an exempt person”.
Pugh was charged at Westminster Magistrates Court on 18 July 2023.
The case was sent to Southwark Crown Court, where the defendant will appear on 15 August 2023 for a plea and trial preparation hearing.
