Former Ilford building company director gets suspended jail term for £1million hole in accounts
A former Ilford building company director has been sentenced to four months in prison after failing to explain the withdrawal of over £1million from his firm.
James Lloyd, 53, of Fencepiece Road, Barkingisde, was also sentenced to 240 hours of unpaid work at Snaresbrook Crown Court on February 11.
His prison term was suspended for one year.
Lloyd’s firm, Quality Building Developments, was based in Ilford and specialised in electrical and heating installation before it went bust in 2009.
After it left trade and tax debts of £269,612, HM Revenue and Customs demanded records to explain the £1,009,170 withdrawn from the company account via cashed cheques and the £124,424 withdrawn in cash.
You may also want to watch:
The Department of Business, Innovation and Skills, which carried out the investigation, said the records provided did not include explanation of the withdrawals, Construction Industry Scheme records, or details of wages paid to subcontractors.
There were no records at all from March 2004 to April 2007.
Most Read
- 1 Residents complain their Ilford street now 'full of crime'
- 2 Ricardo Fuller death: Man charged with murder
- 3 Fire damages Ilford flats
- 4 Labour leader Sir Keir Starmer visits Redbridge on campaign trail
- 5 Tributes to police officer killed in Ilford on 26th anniversary of death
- 6 Have you seen Chantel, 15, missing from Ilford?
- 7 Fairlop Waters, numbers, NHS and child exploitation
- 8 Former Ilford South MP opens up on Labour departure in new book
- 9 Covid hospital admissions and deaths in stark decline, NHS trust data shows
- 10 Two men arrested after kidnapping in broad daylight in South Woodford
Lloyd pleaded guilty to failing to preserve books and records.
Deputy chief investigation officer Ian West said: “Company directors should take note that it is a criminal offence to fail to keep adequate accounting records and be in no doubt that the Department of Business will prosecute those that ignore this warning.”
