Daniel Pugh has been found guilty of fraud, following a prosecution by the United Kingdom’s financial behavior Authority (FCA).
Mr Pugh created a Ponzi plan that won over £ 1 million. Through the deceitful Imperial Investment Fund (IIF), Mr Pugh got money from 238 investors that are largely targeting Facebook ads. They were offered incredibly high yields of 1.4% per day, 7% per week or 350% per year.
FCA will begin the seizure process to regain crime revenue.
Steve Smart, joint executive director of the market for the FCA, said:
“Mr Pugh deliberately deceived unsuspecting investors. The fight against financial crime is a priority for FCA and we are committed to keeping scammers to be held accountable.
Mr Pugh today was guilty of a conspiracy to deceive. At the start of the trial, he said guilty of executing an unauthorized regulated activity, which violated sections 19 and 21 of the 2000 financial and markets law.
Another person remains desirable in relation to the same offenses.