The Financial Conduct (FCA) announced on Friday that it had obtained the condemnation of Daniel Bug, 35, from Devon, to organize a Bonzi scheme worth 1.3 million pounds.
Bug was convicted of the Crown Prince’s Court of Soutoark for the conspiracy of fraud.
He had previously acknowledged that he was guilty of implementing unauthorized activity and violating sections 19 and 21 of the 2000 Services and Services Law.
Through the Empire Fraud Investment Fund (IF), PGH is said to have targeted 238 investors, largely via Facebook ads, promising returns of 1.4 % per day, 7 % per week or 350 % per year, evaluating FCA as “impossiblely high”.
Ultimately, the scheme recorded more than one million pounds.
“Mr. Bug has intentionally defrauded the investors. The fight against financial crime is a priority for FCA and we are committed to holding the fraudsters,” said Steve Smart, the joint executive director of the marketing and supervision of the market at FCA.
FCA has confirmed that confiscation procedures will begin to recover crime revenues. The additional individual remains required in relation to the same crimes.
The organizer added that it had contacted the affected investors, and urged anyone who has not yet heard from FCA to call.
He also repeated the advice of Scamsmart, and the audience warned against being awake against high -yielding investment.