FCA bans trio behind £35.5m scheme designed to bypass visa rules
The FCA has banned three former Dolfin Financial executives for running a £35.5m scheme that helped clients bypass UK investor visa rules between 2016 and 2019.
The Financial Conduct Authority (FCA) has imposed bans and fines on Denisz Nagy, Sanjay Maraj, and Roman Joukovski for their roles in a scheme designed to circumvent UK investor visa requirements. Nagy, former chief executive, received a £324,800 fine, while Maraj, former finance director, was fined £122,000. All three have been prohibited from working in financial services. Joukovski has appealed his case to the Upper Tribunal, where a final decision is pending.
The scheme operated between 2016 and 2019, allowing clients to pay a £400,000 fee instead of investing £2 million in UK companies, as mandated by Home Office investor visa rules. The FCA found the arrangement was structured to falsely suggest compliance with visa requirements. At least 99 individuals obtained investor visas through the scheme, generating £35.5 million in fees for Dolfin-connected businesses and immigration agents.
The FCA determined Nagy and Joukovski played central roles in designing and running the scheme, while Maraj managed its financial operations. Both Nagy and Maraj concealed the scheme’s true nature from regulators and the Home Office. Joukovski also failed to disclose his involvement with Dolfin or his role in the scheme to the FCA, in addition to acting as an unapproved shadow director.
The FCA emphasized that integrity is essential in financial services, stating the scheme undermined the purpose of investor visas by facilitating false compliance. The regulator vowed to continue penalizing misconduct that erodes trust in UK financial markets. The Upper Tribunal will ultimately decide Joukovski’s case, with a public ruling to follow.