Key facts
- The FCA banned and fined three former wealth managers from Dolfin Financial.
- The scheme allowed clients to pay £400,000 instead of the required £2 million investment for UK investor visas.
- The operation generated £35.5 million in fees and enabled 99 individuals to obtain visas.
- Former CEO Denisz Nagy was fined £324,800 and banned; finance director Sanjay Maraj was fined £122,000 and banned.
- Co-founder Roman Joukovski was also banned, but has appealed the decision.
The Financial Conduct Authority (FCA) has banned and fined three former executives from Dolfin Financial for operating a fraudulent scheme that circumvented UK investor visa rules. The scheme, active between 2016 and 2019, allowed clients to pay a fee of £400,000 instead of the required £2 million investment in UK companies, thereby obtaining investor visas.
Former chief executive Denisz Nagy received a £324,800 fine and a ban from financial services, while former finance director Sanjay Maraj was fined £122,000 and also banned. Dolfin co-founder Roman Joukovski was similarly banned, though he has appealed the decision to the Upper Tribunal. The FCA found that Nagy and Joukovski were instrumental in devising and running the scheme, with Maraj managing its financial aspects. Both Nagy and Maraj were also found to have deliberately concealed the scheme's true nature from the FCA and the Home Office.
Joukovski, in addition to concealing his involvement, acted as a shadow director of Dolfin without regulatory approval and failed to disclose his control of the firm. The scheme ultimately enabled 99 individuals to secure investor visas and generated £35.5 million in fees for Dolfin-connected businesses and introducing agents. The UK government closed the investor visa route in February 2022 amid concerns over security and money laundering, though ministers are reportedly considering a new version.