Fraud: Convictions and sentences February 2023

Bounce back loan: Company director jailed for 12 months

– A director of a haulage company has been jailed for 12 months after fraudulently applying for a £50,000 bounce back loan

– He applied for a £50,000 bounce back loan and transferred the funds to his personal bank accounting within two days of receipt.

– Once the loan was paid into the company bank account, he filed paperwork with Companies House to have the business dissolved. 

Bounce back loan: Company director banned

– A Scottish director fraudulently claimed a £50,000 bounce back loan for a dormant restructuring business months before it went bust

– The claim was based on non-existent income of £250,000. He withdrew all the cash before the company was wound up.

Bounce back loan: Midland Scaffolder banned

– The boss of a Midlands scaffolding firm was given a £50,000 bounce back loan after inflating company turnover, then transferring funds for personal use

– Investigators found that he had stated the company’s turnover as nearly £300,000 when the accounts for 2019 showed turnover of less than £20,000. The company would therefore have only been entitled to a bounce back loan of around £4,000.

Builder jailed for £158k VAT fraud

– A builder from Hull has been jailed for three years following his involvement with a VAT refunds scam

– claimed VAT totalling £378,303, and HMRC paid £158,330 before suspicions were raised.

Family jailed for £2.8m property fraud

– A mother and her three sons have been jailed after a mortgage and property investment fraud which resulted in losses to investors of over £1.5m

– Four property developers have been jailed for multiple counts of mortgage and investment fraud which resulted in losses to investors of over £1.5m with the defendants benefitting from over £2.8m.

Car dealer banned for £50k bounce back fraud

– A car dealer has been disqualified as a director for 11 years after fraudulently taking a £50,000 bounce back loan

– In his application, Thompson stated that the dealership’s turnover for 2019 was around £287,500.

– Investigators discovered that West Midz Cars’ turnover in 2019 had been only £2,500 

Directors given suspended prison sentences over bounce back loans

– A duo of directors who fraudulently claimed bounce back loans have been given suspended prison sentences

– London and Conwy based directors have each been convicted for offences under the Companies Act, after being found to have abused the bounce back loan financial support scheme in 2020.

Convictions & sentences
Convictions & sentences

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