The latest legal update from the FCA;
The FCA (Financial Conduct Authority) has secured a confiscation order of £452,286.80 against convicted fraudster Daniel Pugh.
Pugh, 36, is serving a 7 years and 6 months prison sentence for defrauding investors out of £1.3m.
Run from his bedroom in Devon, Pugh used Facebook adverts to target investors and promised them wholly unrealistic returns, claiming these would be generated by trading across various markets.
Only 19% of the funds collected from investors were traded and the scheme was, in effect, a Ponzi scheme, which was run with another individual.
At a hearing at Southwark Crown Court on 5 June 2026, Mr Pugh was ordered to pay £452,286.80. This represents the total value of the assets the court found available for recovery. The funds will be used to compensate the victims of his crimes.
Steve Smart, executive director of enforcement and market oversight at the FCA, said:
“Fighting financial crime is a key priority for the FCA and our message to fraudsters like Pugh is loud and clear. We’ll do everything in our power to seize the profits from their crimes.”
If Pugh does not pay the confiscation order within 3 months, he faces a default prison sentence of 4 years and 9 months.
The confiscation proceedings form part of the FCA’s ongoing work to recover funds for victims of fraudulent investment schemes.
Be the first to comment