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Financial Crime, UK

NEWS: Man who ran £1.3m Facebook fraud from his bedroom jailed for seven years

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File photo of the UK's Financial Conduct Authority offices

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By PAUL O’DONOGHUE, Senior Correspondent

A man who ran a £1.3 million ($1.75 million) Facebook fraud scheme from his bedroom has been jailed for seven years and six months after prosecution by the UK’s Financial Conduct Authority (FCA).

Southwark Crown Court found Daniel Pugh guilty in August of one count of conspiracy to defraud. The FCA said he created the fraudulent Imperial Investment Fund (IIF) from his home in Devon and lured 238 investors through Facebook adverts.

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LATEST: Sarah Paquet, head of Canada’s AML watchdog FINTRAC, steps down

LATEST: UK launches information appeal for 12 fugitives wanted for fraud, money laundering

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NEWS: Federal judge blocks US sanctions against UN expert on Palestinian territories 

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