FCA obtains £452,000 confiscation order in Ponzi fraud case

Pugh is serving a seven years and six months prison sentence for defrauding investors out of £1.3m. Run from his bedroom in Devon, Pugh operated the Imperial Investment Fund which used Facebook adverts to target investors and promised them "wholly unrealistic" returns, claiming these would be generated by trading across various markets. The scheme took in more than £1m, of which Pugh was found to have 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, b...