Home Financial Planning Man charged over £1.3m unauthorised funding scheme

Man charged over £1.3m unauthorised funding scheme

Man charged over £1.3m unauthorised funding scheme


The FCA has launched legal proceedings towards Daniel Pugh over a £1.3m unauthorised funding scheme.

Mr Pugh, 33, has been charged with one rely of fraud and three offences of breaching the Monetary Providers and Markets Act 2000. 

The FCA alleges that between 1 March 2019 and 31 August 2020, Mr Pugh defrauded buyers out of roughly £1.3m by an unauthorised funding scheme, generally known as the Imperial Investments Fund. 

The regulator claims Mr Pugh conspired to defraud by making numerous misrepresentations relating to the rates of interest supplied, buying and selling exercise and income from the scheme to these keen to put money into the scheme.

It additionally alleges that he carried out regulated exercise within the UK (accepting deposits, working a collective funding scheme and inducing individuals to speculate) when he was not authorised by the FCA, or an exempt particular person. 

Mr Pugh was charged at Westminster Magistrates Courtroom yesterday.

The case was despatched to Southwark Crown Courtroom, the place the defendant will seem on 15 August for a plea and trial preparation listening to. 

Conspiracy to defraud is an offence below frequent regulation with a most sentence on conviction of 10 years’ imprisonment.   

Mr Pugh operated his unauthorised scheme from an handle in Tonbridge.

The FCA first warned in regards to the unauthorised scheme in August 2020.



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