\n scrapped<\/a>\u00a0by the Johnson administration in 2022 following
\n Russia\u2019s invasion of Ukraine in late February.\u00a0<\/p>\n“Integrity is not optional in financial services. These
\n individuals ran a scheme designed to get around the UK”s investor
\n visa rules, undermining their purpose of attracting genuine
\n investment into the UK,\u201d Therese Chambers, joint executive
\n director of enforcement and market oversight at the FCA, said.
\n \u201cThey then sought to hide how it operated. We will continue to
\n act against those who lack integrity and undermine trust in UK
\n financial services.”<\/p>\n
Between 2016 and 2019, most clients using the scheme paid a fee
\n of \u00a3400,000 instead of investing \u00a32 million of their own money in
\n UK companies, as required under the Home Office investor visa
\n rules, the FCA said. The regulator said it found that the scheme
\n was deliberately designed to create the false impression that the
\n visa requirements had been met. \u00a0<\/p>\n
The scheme enabled at least 99 individuals to obtain investor
\n visas and generated at least \u00a335.5 million in fees for
\n Dolfin-connected businesses and the immigration agents
\n who\u00a0introduced clients.<\/p>\n
The FCA found that Nagy and Joukovski played leading roles in
\n creating and operating the scheme, while Maraj was responsible
\n for the financial aspects once it was set up. Nagy and Maraj also
\n deliberately concealed its true nature from the FCA and the Home
\n Office. \u00a0<\/p>\n
The FCA found that Joukovski deliberately concealed\u00a0both his
\n involvement with Dolfin and his role in the scheme from the
\n regulator. It also found that Joukovski acted as a shadow
\n director of Dolfin without FCA approval and was a controller of
\n the firm without informing the regulator. \u00a0<\/p>\n
On 12 March 2021 the FCA imposed restrictions on Dolfin to
\n prevent it from carrying on any regulated activities, following a
\n range of regulatory concerns, including its operation of the
\n investor visa funding scheme.<\/p>\n
Denisz Nagy has been fined \u00a3324,800 and prohibited from
\n performing any function in relation to regulated activities. He
\n agreed to settle and received a 30 per cent discount. Without the
\n discount, the penalty would have been \u00a3464,000.\u00a0<\/p>\n
Sanjay Maraj has been fined \u00a3122,000 and prohibited from
\n performing any function in relation to regulated activities. He
\n agreed to settle and received a 30 per cent discount. Without the
\n discount, the penalty would have been \u00a3174,300.<\/p>\n
Roman Joukovski, who has been issued with a Decision Notice
\n imposing a prohibition order,\u00a0has referred the matter to the
\n Upper Tribunal.<\/p>\n
The FCA found that all three individuals lack integrity and are
\n not fit and proper to work in financial services. \u00a0<\/p>\n
Dolfin entered special administration in June 2021, and the
\n insolvency processes are\u00a0ongoing.
<\/p>\n","protected":false},"excerpt":{"rendered":"The latest compliance news: regulatory developments, punishments, guidance, permissions and authorisations for new product and service offerings.
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