Former boss of collapsed investment firm jailed for illegally selling hot tub
Summary
Michael Thomson, former head of London Capital & Finance (LC&F), was jailed for six months for breaking a court order by selling luxury items like a hot tub. LC&F collapsed after selling mini-bonds that promised returns but invested money in risky projects, causing investors to lose millions.Key Facts
- Michael Thomson and his wife, Debbie, were found guilty of breaking a Serious Fraud Office (SFO) restraining order.
- The couple sold luxury items worth nearly £5,800 and received a £2,000 holiday refund despite the order.
- Thomson was already serving a suspended sentence for transferring £95,000 to hide it from investigators.
- LC&F collapsed in 2019 after raising £236 million from investors through mini-bonds promising up to 8% annual returns.
- Most of the invested money went into risky businesses like property developments, oil exploration, and a helicopter purchase.
- A Brighton marketing company received £58 million in commission for promoting the mini-bonds.
- The UK government created a compensation scheme to help victims, which has paid out over £173 million so far.
- SFO investigators say the Thomsons' actions caused more than £100,000 in investor assets to disappear.
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