Geoffrey William Langdale has been disqualified for 15 years for dishonestly obtaining more than 2.3 million from clients. He also received a criminal conviction.
This follows an investigation by North Yorkshire Police and a subsequent investigation by the Insolvency Service.
On the 4 February 2016, District Judge Forrester ordered Mr Langdales disqualification for the maximum period permitted by law of 15 years, with effect from 25 February.
Geoffrey William Langdale traded as an accountant in the Lancashire area from 1993, and in 2003 Langdales Accountants Limited was incorporated to continue the work of Mr Langdales sole trader business.
The Insolvency Services investigation found that:
Between June 2002 and June 2013, Mr Langdale dishonestly obtained money transfers totalling 2,333,488 from clients, having told clients these 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be invested in a high interest-bearing savings account and would require a 90 day notice period before they could be withdrawn.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, the funds were used by Mr Langdale and he 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, following an investigation by North Yorkshire Police, Mr Langdale was convicted on indictment of obtaining a money transfer by deception and on 26 September 2014, he was sentenced to 6 years imprisonment in relation to these offences.
Commenting on this case, Robert Clarke, Group Leader of Insolvent Investigations North at The Insolvency Service, 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.