The former chief executive of infamous mini-bond provider London Capital & Finance (LCF) has received a ten month jail sentence, suspended for two years.
The Serious Fraud Office (SFO) today (17 May) confirmed Michael Thomson breached a restraint order imposed on his bank account after it froze his assets as part of its wider investigation into suspected money laundering and fraud at LCF.
The SFO said Thompson hid £40,000 from a tax rebate and a fake insurance claim and £55,000 for repair work which was never completed despite its restraint order.
The £95,000 was paid into an account in Thomson's wife's name and then spent on a variety of things including holidays and a hot tub in order to conceal it.
SFO director Lisa Osofsky said: "Over the past two years we have traced and seized every last asset we have gone after, recovering over £140m for taxpayers.
"Today's result makes it clear: company executive are not above the law."
Around 11,000 investors lost a total of £237m in LCF's mini-bond scheme between 2014 and 2019 - a situation which saw the Financial Conduct Authority face significant criticism in an independent report.
The compensation scheme put in place by the government to pay out to investors that lost money was wound up last November, with the confirmation "almost all" eligible bondholders had been paid. A total £115m in compensation was paid out in the 12 months the scheme was open.
