The 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).
The FCA alleges that between 1 March 2019 and 31 August 2020, Mr Pugh defrauded investors out of approximately £1.3m through an unauthorised investment scheme, known as 'Imperial Investments Fund'.
Specifically, the FCA alleges that Mr Pugh:
- conspired to defraud by making a number of misrepresentations regarding the interest rates offered, trading activity and profits from the scheme to those willing to invest in the scheme
- carried out regulated activity in the United Kingdom, namely accepting deposits, operating a collective investment scheme and inducing people to invest, when he was not authorised by the FCA or an exempt person.
Mr Pugh was charged at Westminster Magistrates Court yesterday. The case was sent to Southwark Crown Court, where the defendant will appear on 15 August 2023 for a plea and trial preparation hearing.
Notes to editors
- Daniel Pugh (DOB 19/04/1990)
- Conspiracy to defraud is an offence under common law with a maximum sentence on conviction of 10 years’ imprisonment.
- Under Section 19 of the Financial Services and Markets Act 2000 (FSMA), a person cannot carry on a regulated activity in the UK unless they are FCA authorised or exempt. Any person who breaches Section 19 of FSMA is committing a criminal offence for which the maximum sentence is two years’ imprisonment.
- Under Section 21 of the Financial Services and Markets Act 2000 (FSMA), 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. Any person who breaches Section 21 of FSMA is committing a criminal offence for which the maximum sentence is two years’ imprisonment
- Find out more information about the FCA.