London Capital Boss May Face Prison For Hiding Funds

By Joanne Faulkner (July 28, 2022, 7:41 PM BST) -- The boss of the collapsed investment company London Capital & Finance could face prison after admitting to concealing he improperly spent £95,000 ($115,000) in restricted funds on holidays and hot tubs, the Serious Fraud Office said Thursday.

Michael Thomson, also known as Andy Thomson, committed two breaches of a restraining order on his assets, the agency said. The ex-chief executive admitted contempt of court at Southwark Crown Court but said the failure to declare the money was not deliberate.

Thomson allegedly hid the funds from SFO investigators looking into the collapse of the company, which went bust after raising £236 million from...

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