FCA Bans Three Dolfin Executives Over UK Visa Investor Scheme

The Financial Conduct Authority has decided to ban three former senior figures at Dolfin Financial (UK) Limited after finding they helped run a scheme that allowed clients to obtain UK investor visas without making the required £2 million investment into UK companies.

The regulator said more than 99 individuals gained investor visas through the arrangement. Instead of investing £2 million as the rules required, most clients using the scheme paid a fee of about £400,000.

According to the FCA, Dolfin-connected businesses and the immigration agents that introduced clients made at least £35.5 million in fees from the scheme.

Denisz Nagy, the former chief executive, has been fined £324,800, and Sanjay Maraj, the former finance director, has been fined £122,000. Both individuals are prohibited from working in financial services. Additionally, the FCA has chosen to ban Dolfin co-founder Roman Joukovski from the industry.

The case centres on investor visas and the movement of money linked to them.

This article is for general information only and is not legal or financial advice.