Michael Thomson, former chief executive officer of London Capital & Finance (LCF) has been sentenced to 10 months in prison.
The Serious Fraud Office (SFO) issued a statement that it and Southwark Crown Court secured the sentence.
This followed Thomson breaching a restraint order imposed on his bank account.
The SFO froze Thomson’s assets as part of its investigation into suspected fraud and money laundering at LCF.
The scandal saw 11,000 investors lose in excess of £237m between 2014 and 2019 in a mini-bond scheme.
The SFO uncovered that Thomson hid £95,000 he received after the order was imposed.
This included £40,000 from a tax rebate and a fraudulent insurance claim worth £55,000 for repair work to a barn that was never completed.
The monies were paid into an account owned by Thomson’s wife, in an attempt to hide the money from the SFO.
SFO investigators found Thomson spent some of this money to further conceal and hamper its recovery: buying a £5,000 holiday in Italy, a £3,900 horse saddle, £1,170 on a hotel and spa stay in Torquay, and £5,495 on a hot tub.
SFO director Lisa Osofsky said: “Today’s result makes clear: company executives are not above the law. When they break it, we have the means and the resolve to go after their money, no matter where they hide it.
“Over the past two years we have traced and seized every asset we have gone after, recovering over £140m for taxpayers.”
