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.
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Get further information from the following pages;
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Fruad: Convictions & sentences July 2021