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11-year bankruptcy Restriction Order for assistant accountant who misappropriated funds (19 September 2016)

Date: 19/09/2016
Duncan Lewis, Crime Solicitors, 11-year bankruptcy Restriction Order for assistant accountant who misappropriated funds

The High Court has imposed an 11-year bankruptcy Restrictions Order on a former assistant accountant for misappropriation of funds.

Kofi Baffoe-Okine, 30, of Harrow, Middlesex – currently unemployed – was employed as an assistant accountant by the K2 Human Capital Solutions Limited on 18 October 2010.

His role involved the processing of payments to consultants subcontracted to K2 Group European Division. As such, he held a position of trust with his former employer.

Between 19 April 2012 and 23 July 2012, Baffoe-Okine initiated eight unauthorised payments totalling €160,510 from the K2 Partnering Solutions SA bank account without authority – and to bank accounts which were not legitimate consultants engaged by the K2 Group.

Baffoe-Okine’s action of instigating the payments breached the fiduciary duties he owed to companies whose funds he has access to only by virtue of his employment, in particular the Swiss company, K2 Partnering Solutions SA.

Baffoe-Okine claimed to have personally benefited from just €15,720 of the €160,510 misappropriated – of which he stated the funds were used to support his living costs when he absconded to Ghana between August 2012 and December 2014. However, the Official Receiver was unable to verify his account.

In making the Restrictions Order, the court accepted evidence presented by the Insolvency Service, which showed Baffoe-Okine’s had abused his position of trust by misappropriating funds, causing a loss to his former employer.

As a result of a loss of £151,067, Baffoe-Okine’s former employer petitioned for his bankruptcy.

Baffoe-Okine is bound by the restrictions set out in insolvency law that a bankrupt is subject to until they are discharged from bankruptcy – normally 12 months – until 2027.

In addition, he cannot manage or control a company during this period without leave of court.

The Official Receiver from Kent, Andrew Stanley, said:

“Mr Baffoe-Okine held a position of trust with his former employer, which he subsequently breached by carrying out actions of dishonesty – the Insolvency Service looks closely at individuals and takes action where wrongdoing is uncovered.

“These proceedings should serve to protect the public from any future misconduct, by restricting Mr Baffoe-Okine from obtaining credit and acting in the management of a company.

“The period of restrictions is in the top bracket – the maximum being 15 years – to reflect the seriousness of the case and the high level of the victims that have suffered a loss.”

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of a charge or investigation into business crimes, including charges relating to misrepresentation, fraud, false accounting, embezzlement, breaches of Restrictions Orders, tax and VAT evasion, and white collar crime.

Duncan Lewis can also liaise with investigating authorities such as Trading Standards, Insolvency Service, HMRC, SFO, FCA, and City of London Police.

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


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