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Company Director found guilty of theft and fraudulent trading

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A Company Director has been found guilty for the misappropriation of European Commission funds following his prosecution by the Department for Business, Innovation and Skills. The funds of £170,000 were supposed to be distributed to research institutions by the company, but, instead the Director retained them for his own purposes. He was sentenced to eighteen months’ imprisonment and disqualification from acting as a Director for fifteen years.

The conviction was achieved after the European Anti-Fraud Office notified the Department for Business, Innovation and Skills of its concerns. It follows a previous, similar conviction in July of a Director who stole EU funds given to his company to coordinate a research project and highlights the attempts being made to crackdown on fraud throughout Europe.

The Department for Business, Innovation and Skills investigates and prosecutes a variety of offences committed by Directors and Company Officers that are referred to it by the Insolvency Service, Companies House or the Companies Investigation Branch.  Many of these offences can be punished by two to ten years imprisonment and/or a fine as well as disqualification from acting as a Director for up to fifteen years.

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Written by Andrew Hodges

February 27, 2011 at 6:03 pm

Posted in Comment, LinkedIn

Tagged with , ,

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