- Adam Lennard inflated the turnover of his East London Property Maintenance business to secure the loan
- He then used the funds for his own personal use
- Lennard must pay half of the £20,000 back within seven days after appearing in court
A man from east London has been ordered to pay £10,000 within one week after transferring a Bounce Back Loan to his own personal account.
Adam Lennard, 58, was sentenced to eight months in prison, suspended for 15 months, after appearing at Snaresbrook Crown Court on Monday 5 February.
Julie Barnes, Chief Investigator at the Insolvency Service, said:
Adam Lennard abused the Bounce Back Loan scheme, backed by taxpayers to support businesses through the pandemic.
He overstated the turnover for his business, used the funds for his own personal and family use and had no intention of ever paying the money back.
The Insolvency Service will not hesitate to prosecute cases like this and Lennard now has a criminal conviction as a consequence of his fraudulent actions.
Lennard applied for a £20,000 loan in August 2020, claiming the annual turnover of his East London Property Maintenance business was £80,000.
The real turnover of the company, based in Smeaton Road, Woodford Green, was under £50,000 in 2019.
Lennard also fraudulently declared he would use the funds for his business in his application.
During interviews with the Insolvency Service, he admitted to using the loan for his personal use, transferring the money to his own bank account between August and November 2020.
In August 2021, Lennard was declared bankrupt.
