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Crime Solicitors

Jail for bankrupt City trader who concealed assets from Official Receiver (7 October 2015)

Date: 07/10/2015
Duncan Lewis, Crime Solicitors, Jail for bankrupt City trader who concealed assets from Official Receiver

A City worker from Luton has been sentenced to six months’ imprisonment after being found guilty of concealing property from the Official Receiver, following a trial at Luton Crown Court.

Tahseen Goni, 39, from Luton worked as a successful spread betting trader.

However, he began to incur substantial losses – and was left with a debit balance of £238,021.30 on his personal account with IG Markets Ltd, which provides financial spread betting services, as well as Contracts for Difference (CFDs), stockbroking and foreign exchange services.

IG Markets Ltd obtained judgment in default against Mr Goni and threatened bankruptcy.

Mr Goni then began to put in place arrangements designed to enable him to continue to trade in the lead up to and following his impending bankruptcy.

The arrangements included making use of trading accounts and bank accounts in the name of his sister Sharmine Goni.

The arrangement succeeded for a lengthy period – despite his bankruptcy in July 2010 with total deficiencies of £301,000.

Mr Goni was made bankrupt on 27 July 2010 on a petition filed against him by IG Markets Ltd.

Mr Goni was able to avoid paying his creditors, however – even though in reality, he had substantial monies and in due course made very substantial further sums from successful trading. By the end of 2012, Mr Goni had made more than £6 million, the court was told.

After sentencing, Deputy Chief Investigation Officer Ian West from the Department for Business Innovation and Skills (BIS) said:

“This is the second time during the course of his bankruptcy that Mr Goni has been found guilty in respect of concealing his assets to the Official Receiver, so it is not surprising that he now faces a custodial sentence.

“This should serve as a warning to others that the Insolvency Service and the Department for Business will take firm action when individuals who are the subject of Bankruptcy proceedings conceal assets from the Official Receiver to the detriment of creditors.

Following the conviction, BIS have initiated confiscation proceedings against Mr Goni.

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

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