The Financial Conduct Authority (FCA) has started criminal proceedings against Daniel Pugh, who is charged with one count of fraud and three offences of breaching the Financial Services and Markets Act 2000 (FSMA).
It is alleged that Pugh, 33, defrauded investors out of approximately £1.3m through an unauthorised investment scheme known as ‘Imperial Investments Fund’, between 1 March
2019 and 31 August 2020.
The FCA has also alleged that Pugh also conspired to defraud by making several misrepresentations regarding the interest rates offered, trading activity and profits in the scheme to those willing to invest.
He is also charged with carrying out regulated activity in the UK, in particular, accepting deposits, operating a collective investment scheme and inducing people to invest, when he was not authorised by the FCA or an exempt person.
Under Section 19 of the FSMA, individuals cannot carry out regulated activity in the UK unless they are FCA regulated or exempt. Furthermore, under Section 21, a person must not communicate an invitation or inducement to invest unless they are FCA authorised, or the content of the communication is approved by an authorised person.
Pugh was charged at Westminster Magistrates Court on 18 July and will appear at Southwark Crown Court on 15 August for a plea and trial preparation hearing.
If found guilty, Pugh could face a maximum sentence of 10 years’ imprisonment in line with common law.
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