Devon man jailed for £1.3m Ponzi scheme run from his bedroom

Pugh operated Imperial Investment Fund (IIF) from his bedroom in Devon, targeting investors through Facebook adverts promising returns of 1.4% a day, 7% a week, or 350% a year. The scheme took in more than £1m, of which Pugh personally received £96,000, spending it on designer clothing, restaurants, and withdrawing £18,000 in cash. Investors were led to believe their money was being successfully traded, but the promised profits never materialised. Even after the scheme began to collapse, Pugh continued to solicit new investments. In sentencing, His Honour Judge Weekes described Pugh's...