Concealment in bankruptcy costs debtor more than £2 million
A former city trader has been handed a £2 million confiscation order for concealing assets during his bankruptcy.
Mr Tahseen Goni, from Luton, has been ordered to pay a confiscation order to the tune of £2,084,897.37 and prosecution costs of £118,352.36, after a Crown Court ruling in July.
Following an initial investigation by the Insolvency Service and later by a full criminal investigation, Mr Goni was convicted of concealing property from the Official Receiver in August 2015.
They found that Mr Goni, previously a successful “spread betting” trader, incurred substantial losses and was left with a debit balance of £238,021 on a personal account belonging to a financial services firm.
The company subsequently petitioned for Mr Goni’s bankruptcy, which was granted.
However, it later emerged that the trader possessed sufficient assets to pay off his creditors during the period of his bankruptcy, despite his obligation to declare them to his trustee.
He was prosecuted for the concealment and sentenced to two years imprisonment and ordered to pay his creditors £537,057.
Deputy Chief Investigating Officer Ian West, from the Department for Business Innovation and Skills, said: “This is a substantial penalty and bankrupts should be in no doubt, that if they conceal assets from their trustee in bankruptcy that the Insolvency Service and the department for Business, will take firm action to have them prosecuted, their benefit confiscated and their creditor(s) recompensed.”