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After it left trade and tax debts of £269,612, HM Revenue and Customs demanded records to explain the £1,009,170 withdrawn from the company account via cashed cheques and the £124,424 withdrawn in cash.
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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.
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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.”