FCA prosecutes individual over unauthorised investment scheme

FCA has started criminal proceedings against Daniel Pugh for one fraud offence and three offences of breaching FSMA.

FCA alleges that Mr Pugh defrauded investors out of approximately £1.3m via an unauthorised CIS, ‘Imperial Investments Fund’. In particular, it alleges that he:

  • conspired to defraud by making several misrepresentations regarding the interest rates offered, trading activity and profits from the scheme to those willing to invest; and
  • carried out regulated activity in the UK, namely accepting deposits, operating a CIS and inducing people to invest, when he was not authorised by FCA or an exempt person.

Laura Wiles