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Bankrupt adviser sanctioned for continuing to sell investments

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A court has ordered a 15-year bankruptcy restriction against an adviser who continued to sell investments despite being subject to a ban and while an undischarged bankrupt.

Registrar Christine Derrett handed down the maximum bankruptcy restriction order against Stephen Todd, saying the case was “one of the worst examples of disregard for the insolvency and directors disqualification regime”.

The order was made in December, though details were only made public by The Insolvency Service yesterday.

In October 2012, Todd had agreed not to act as a director for 10 years following his involvement in an earlier company that subsequently went into liquidation.

A bankruptcy order was made against Todd the following year.

But Todd went on to manage IPR Capital, a gold mining investment company, which went into liquidation in 2015 with liabilities of over £10m.

He failed to disclose his income from IPR as part of bankruptcy proceedings, which between April 2013 and April 2014 totalled at least £517,100.

Todd told the Official Receiver he had assets of around £8,800. As at April 2013, he owed at least £454,107, mainly related to unpaid National Insurance contributions, self-assessed tax and penalties.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Let’s hope he gets no State support in the form of benefits or State Pension in future. Make him pay for any NHS treatment he may need too.

  2. As usual the tax payer will end up footing the bill for “people” such as this.

  3. Here is a link to the GOV.uk press release on the matter.

    https://www.gov.uk/government/news/financial-adviser-handed-15-year-bankruptcy-restriction-order

    Absolutely shocking. Interesting that he is described as a Financial Adviser. According to the FCA Register, his last CF was in September 2009.

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