By PAUL O’DONOGHUE, Senior Correspondent
A UK court has ordered convicted fraudster Daniel Pugh to repay £452,000 after the FCA (Financial Conduct Authority) secured a confiscation order.
Pugh, aged 36, is serving a 7.5 year jail 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.” the FCA said.
“The scheme was, in effect, a Ponzi scheme.”
At a hearing at Southwark Crown Court on 5 June 2026, judges ordered Pugh was to pay £452,286.80. The FCA said the funds will go towards compensating victims of the fraud.
Pugh must pay the confiscation order within three months. If he fails to do so, he could receive an additional prison sentence of four years and nine months.
Daniel Pugh fraud victims
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “Fighting financial crime is a key priority for the FCA. Our message to fraudsters like Pugh is loud and clear.
“We’ll do everything in our power to seize the profits from their crimes.”
The FCA said the order represented the full value of the assets the court identified as available for recovery.
It added: “If anyone believes they are a victim of Daniel Pugh’s illegal activities and has not been in contact already, they should please contact the FCA with details of their dealings with Pugh as soon as possible and by 30 June 2026.
“The FCA is also calling for victims that have already been in touch, and confirmed they have lost money, to reach out to finalise their details.
The FCA can be contacted in the following ways:
- Emailing: OpHainesConsumerContact@fca.org.uk
- Calling Freephone: 0800 111 6768 or 0300 500 8082
- Writing to: Financial Conduct Authority, Unauthorised Business Department, Operation Haines Case Team, 12 Endeavour Square, London E20 1JN.
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