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.