Terence Kenneth Freeman, 61, formerly known as Terence Kenneth Sparks, had his director disqualification extended after his company, GFX Capital Markets, went into compulsory liquidation on 13 May, 2009.

The spot foreign exchange trading company was wound up with £17 million worth of investor claims.

Freeman was originally arrested in February 2009, after the London Police Economic Crime Department began an investigation into GFX Capital Markets, which traded and invested clients’ money on their behalf.

The enquiry found that Freeman had taken sole responsibility for the company’s activities, which he claimed lost 75 per cent of its trading capital due to the economic downturn.

The firm traded from around June 2006 until January 2009, however, in late 2008 clients of the company grew concerned when it failed to satisfy their demands for the return of their funds. 

The concern from one client grew to such an extent, that he petitioned for its eventual liquidation.

This most recent disqualification means that Freeman is prohibited from being directing another company until September 2025.

At this time it is not known whether any investors will get their money back.