
Daniel Pugh was sentenced to 7 years and 6 months in prison for conducting a Ponzi £ 1.3 million program, following a prosecution of the United Kingdom’s Financial Behavior Authority (FCA).
Pugh created a Ponzi plan with another person who won over £ 1 million. Run from his bedroom in Devon, the deceitful Imperial Investment Fund (IIF) took money from 238 investors who are largely targeting Facebook ads. Investors offered incredibly high yields of 1.4% per day, 7% per week or 350% per year.
Pugh received £ 96,000 from the program. He used the money to support his lifestyle, including designer clothes, restaurants and withdrawing £ 18,000 in cash.
Returns investors promised not implemented. Pugh interrupted investors to believe that they were successful negotiations and their money was safe. Even at the point where the plan was collapsing, Pugh continued to try to attract more investors to the plan.
During the conviction, Honor Weekes judge said there were “persistent and well -known violations of the regulatory framework” by Pugh and that any remorse for his actions came “sadly late”.
Added: ‘The consequences for them [the victims] They are also marked and in addition to the financial loss they feel embarrassed.
FCA follows the seizure process to deprive Pugh out of revenue from its crimes and to compensate the victims. Pugh was excluded from being a company manager for 8 years, effective after being liberated by custody.
Another person is desirable in relation to the same offenses.