Local, National and International
OF TUNBRIDGE WELLS
E
E R ID GEATU NS PA FE
Times
All the news that matters
I - Y 18ERT OP PR
Wednesday May 24 | 2023
Banner 1: 194 x 45mm TWODS CCBB Times of TW Ad 264mmx35mm + 3mm bleed 300DPI.indd 1
27/03/2023 20:21
PROPERTY EXPERTS SINCE 1910
“Extremely efficient”
The home of expert financial advice in Tunbridge Wells
“A wonderful experience” “Exemplary service” HARMONY IN NATURE: Broadcaster and musician Cerys Matthews (left) supported the Aspens Natural Affinity Garden at the RHS Chelsea Flower Show this week. She read from her children’s version of Under Milk Wood by Dylan Thomas, with musical responses by clarinettist and harmonium player Arun Ghosh. The garden won a Silver-Gilt medal
Call us today to arrange your free sales or lettings market appraisal.
London Capital & Finance boss gets 10-month suspended sentence By Michelle Wood
TUNBRIDGE WELLS 01892 521700 (sales) 01892 521740 (lettings) tunwells@jackson-stops.co.uk jackson-stops.co.uk
THE Former Chief Executive Officer of Tunbridge Wells-based London Capital & Finance Plc (LCF) Michael Andrew Thomson appeared in Southwark Crown Court on May 17 and was given a 10-month sentence, suspended for two years, after breaching a restraint order imposed on his bank account. Michael Andrew Thomson, also known as ‘Andy Thomson’, was CEO of London Capital & Finance when it collapsed in 2019. The Eridge Road-based mini-bond firm went bust in January of that year after the Serious Fraud Office (SFO) froze Mr Thomson’s assets as part of its
investigation into suspected fraud and money laundering at LCF. At least 11,000 people, including pensioners, lost more than £237million between 2014 and 2019 in a mini-bond scheme that promised returns of as much as 8 per cent.
Compensation Investors who lost money were eventually compensated using taxpayers’ cash, as the finance industry’s compensation scheme did not cover unregulated mini-bonds. Although Mr Thomson’s accounts were frozen, the SFO discovered he had hidden £95,000 that he had received
after the order was imposed. This included £55,000 from a tax rebate, and an insurance claim worth £40,000 for repair work to a barn that was never done. In an attempt to hide those finances from the SFO, the money had been paid into an account owned by Mr Thomson’s wife, Debbie. SFO investigators also found Mr Thomson had spent some of this money to further conceal and hamper its recovery: Buying a £5,000 holiday in Italy, a £3,900 horse saddle, spending £1,170 on a hotel and spa stay in Torquay, and £5,495 on a hot tub.
Continued on page 3
INSIDE: Finance boss given suspended sentence – page 3
• Mortgages • Pensions • Business Loans • Foreign Exchange • Insurance • Wills • Financial Planning
Let’s talk 01892 280000 www.thefinancehub.money