Tahseen Goni, aged 39 from Luton, has been sentenced to 6 months imprisonment after being found guilty of concealing property from the Official Receiver, following a trial at Luton Crown Court.
The conviction follows an initial investigation by the Insolvency Service and a full criminal investigation and prosecution by the Department for Business Innovation and Skills (BIS).
In October 2008 Mr Goni, a previously successful spread betting trader, incurred substantial losses and was left with a debit balance of 238,021.30 on his personal account with IG Markets Ltd. IG Markets – a company providing financial spread betting, Contracts for Difference (CFDs), stockbroking and foreign exchange services – obtained judgment in default against Mr Goni and threatened bankruptcy.
Mr Goni then began to put in place arrangements which were designed to enable him to continue to trade in the lead up to and following his impending bankruptcy. Those arrangements involved him making use of both trading accounts and bank accounts in the name of his sister, Sharmine Goni.
For a long time this scheme succeeded and Mr Goni was able, despite his bankruptcy in July 2010 with total deficiencies of 301,000, to avoid paying his creditors even though the reality of the position was that 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.
Deputy Chief Investigation Officer Ian West from the Department for Business Innovation and Skills 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.