STORY
Ricky Harrison, a 41-year-old director from Hertford Heath, Hertfordshire, has been sentenced to three years and two months in prison after fraudulently obtaining £200,000 through the government’s Bounce Back Loan Scheme during the COVID-19 pandemic. He was also disqualified from acting as a company director for ten years.
Harrison secured four £50,000 loans for companies he controlled, including Hackney Works Ltd, Tower Hamlets Works Ltd, Ricky Harrison Holdings Ltd, and Newham Works Ltd. Three of these companies were dormant at the time of application, and he significantly overstated the turnover of Newham Works Ltd to qualify for the maximum loan amount.
Investigations revealed that Harrison used the funds for personal expenses, including the purchase of a vehicle, and attempted to dissolve the companies shortly after receiving the loans to avoid repayment. He made only a single repayment of £833.
David Snasdell, Chief Investigator at the Insolvency Service, commented:
“Ricky Harrison’s actions were deeply cynical. He exploited an opportunity to help himself to taxpayers’ money during what was a national emergency.”