A fraudster who created a £1.3m Ponzi scheme has been convicted following a prosecution by the FCA.
Daniel Pugh from Devon set up the fraudulent Imperial Investment Fund (IIF) and swindled the money from 238 investors he targeted largely through Facebook adverts, promising returns of 1.4% a day, 7% a week or 350% a year.
The FCA will now begin confiscating the proceeds of the crime.
Pugh pleaded guilty to carrying out unauthorised regulated activity and was found guilty of one count of conspiracy to defraud. A further individual is wanted in relation to the same offences.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Pugh deliberately defrauded unsuspecting investors. Fighting financial crime is a priority for the FCA and we are committed to holding fraudsters to account.”
