FCA Secures £452,000 Confiscation Order Against Ponzi Scheme Fraudster Daniel Pugh | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
The Financial Conduct Authority (FCA) has obtained a confiscation order of £452,286.80 against convicted fraudster Daniel Pugh, as part of its ongoing crackdown on financial crime and efforts to recover funds for victims.
Pugh, 36, is currently serving a seven-and-a-half-year prison sentence after defrauding investors of £1.3 million through a scheme run from his bedroom in Devon. Targeting victims through Facebook adverts, he promised wholly unrealistic returns, claiming they would be generated by trading across various financial markets.
In reality, only 19% of the funds collected from investors were ever traded. The scheme was, in effect, a Ponzi operation, run in conjunction with a second individual.
At a hearing at Southwark Crown Court on 5 June 2026, Pugh was ordered to pay £452,286.80 — the total value of assets the court found available for recovery. The proceeds will be used directly to compensate his victims.
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 will do everything in our power to deny them the profits from their crimes.”
Should Pugh fail to pay within three months, he faces an additional default prison sentence of up to four years and nine months.
The confiscation order forms part of the FCA’s broader programme to pursue fraudsters and secure redress for victims of fraudulent investment schemes.
