A TV star has been banned for 14 years for duping scores of people into a fake multi-million property investment scheme.
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div>A TV star has been banned for 14 years for duping scores of people into a fake multi-million property investment scheme.
Britain’s Got Talent semi-finalist, Liam James Collin and his business partner have been disqualified from being directors for 14 years, following an investigation by The Insolvency Service.
Mr Collins alongside David Bone, took £874,000 from investors, promising high returns of between eight and ten per cent.
Instead, the duo used the investment to pay for business expenses, despite owing creditors over £4.5 million each.
Investigators found that from January 2010 to April 2011, Mr Collins, 34, one of stars of the act “Faces of Disco” and his cousin, David Bone, 31, deliberately ignored warnings from the Financial Conduct Authority (FCA) not to take any further investment, when they took a further £187,500 from the public.
At the time, the two dancers already owed over £3 million to creditors following the failure of a similar property business.
Investors were misled when they sought explanations and the fraudsters hid the true state of the partnership’s finances.
Commenting on the case, Ken Beasley of the Insolvency Service’s Public Interest Unit said: “At a time when they were already heavily indebted Collins and Bone took substantial sums of money from members of the public with the promise of high returns on property investments with no reasonable expectation that they would ever be able to meet the repayments promised to investors."
"The Insolvency Service investigates the circumstances of all bankruptcies and will use its enforcement powers to tackle serious misconduct of this kind.”
A bankruptcy Order was made against Liam James Collins in the Newcastle County Court on 9 May 2012. The Bankruptcy Restriction undertaking given by Mr Collins started on 25 July 2012 until 24 July 2027. The Newcastle County Court had previously made an Interim Bankruptcy Restrictions Order at the first hearing of the Official Receiver’s application for a Bankruptcy Restrictions Order on 25 July 2013.
A bankruptcy order was made against David Bone in the Wigan County Court on 31 May 2012. The Bankruptcy Restriction Undertaking given by Mr Bone started on 1 August 2013 until 31 July 2027.
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