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Former Arck partners handed 29-year directorship ban

Former Arck partners Richard Clay and Kathryn Clark have been disqualified from directorship for a total of 29 years.

In December, Clay pleaded guilty to three fraud charges following a joint investigation by the Serious Fraud Office and Nottinghamshire Police.

Clark pleaded guilty in July and October 2014 to three fraud charges and two counts of forgery.

In 2012 Money Marketing revealed how investors faced losses of around £50m after the liquidation of Arck, a specialist property investment firm that invested pension savings through Sipp firm HD Sipp.

The pair were due to be sentenced on 20 February, but in an update published last week, the SFO said sentencing has been postponed until the judge has made a finding on the facts of the case.

Clark has been banned from involvement in the management of a company for 14 years, while Clay has been banned for 15 years.

Official Receiver Ken Beasley says: “Mr Clay and Ms Clark caused significant loss to members of the public by using investment money without the knowledge or consent of those investors. In doing so, their conduct fell far below expectations given the level of trust placed in them as financial professionals.

“By obtaining lengthy disqualifications, the Insolvency Service has shown that such conduct by directors will not be tolerated.”

The SFO said last week that witnesses will be called during a hearing which is expected to last five days. It says it will apply for a confiscation order and a compensation order in the case.

A confiscation hearing has been scheduled to begin on 17 August, after which the judge will decide whether to grant compensation to victims.

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