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Crime Solicitors

Disqualification and six years in jail for accountant who defrauded clients with Ponzi scheme (3 March 2016)

Date: 03/03/2016
Duncan Lewis, Crime Solicitors, Disqualification and six years in jail for accountant who defrauded clients with Ponzi scheme

A Lancashire-based accountant who in effect operated a Ponzi scheme and defrauded clients of more than £2.3 million has been disqualified for a minimum of 15 years and has also received a criminal conviction.

Geoffrey William Langdale, 64, was the subject of an investigation by North Yorkshire Police and a subsequent investigation by the Insolvency Service. He traded as an accountant in the Lancashire area from 1993 – and in 2003, Langdales Accountants Limited was incorporated to continue the work of Mr Langdale’s sole trader business.

Langdales Accountants Limited was incorporated on 12 September 2003 and went into Creditors Voluntary Liquidation on 7 February 2014.

However, the Insolvency Service’s investigation found that, between June 2002 and June 2013, Mr Langdale dishonestly obtained money transfers totalling £2,333,488 from clients – having told clients the funds would be invested in a high interest-bearing savings account and would require a 90-day notice period before they could be withdrawn.

In fact, Langdale used the funds himself – and used deposits by subsequent investors to pay earlier investors, effectively a Ponzi scheme.

Only £1,112,951 of this was repaid, resulting in losses to clients of £1,220,537.

On 19 August 2014, in the Crown Court at Bradford, Langdale was convicted on indictment of obtaining a money transfer by deception, contrary to section 1 of the Fraud Act 2006.

On 26 September 2014, he was sentenced to six years’ imprisonment for the offences.

Group Leader of Insolvent Investigations North at The Insolvency Service, Robert Clarke, said:

“The imposition of a ban for the maximum period of 15 years sends out a clear message that, where a company director abuses a position of trust in order to persuade clients to part with their money, the Insolvency Service will take action to remove that director from the business environment for a lengthy period of time.”

The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies through the Official Receiver to establish why they became insolvent.

It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK.

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of a business crime, including offences involving Ponzi schemes, fraud, false accounting, embezzlement, failing to keep or deliver up adequate records, tax and VAT evasion, and white collar crime.

There are Duncan Lewis offices nationwide – and a Duncan Lewis business crime solicitor can advise before charges are brought, as well as negotiating with investigating agencies such as the Insolvency Service, HMRC, SFO, FCA, BIS and City of London Police.

For expert legal advice on business crime, call Duncan Lewis business crime solicitors on 0333 772 0409.

For 24/7 help at a police station, call the Duncan Lewis Solicitors 24-Hour Emergency Helpline on 0333 772 0607.


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