Rian O’Keeffe, a 28-year-old resident of Lisgar Terrace, Hammersmith, has been handed a suspended prison sentence after fraudulently securing a £50,000 Bounce Back Loan intended to support businesses during the Covid-19 pandemic.
The sentence, imposed by Southwark Crown Court on Tuesday, April 30, consists of 18 months in prison suspended for two years, along with a three-month curfew and a requirement to complete 30 days of rehabilitation activity.
O’Keeffe’s fraudulent activity came to light after he successfully applied for the loan in July 2020, claiming it was on behalf of his non-existent business, Trainersource. Despite the business never existing, O’Keeffe falsely declared a turnover of £312,000 in March of that year.
According to Julie Barnes, Chief Investigator at the Insolvency Service, O’Keeffe abused the government-backed Bounce Back Loan Scheme, using the funds for personal expenses rather than their intended purpose of supporting a legitimate business during the pandemic.
O’Keeffe admitted during interviews with Insolvency Service investigators that he had never started the purported business and had no intention of doing so. Instead, he confessed to misusing the loan for general living expenses, making numerous transfers to personal accounts shortly after receiving the funds.
As a result of his actions, O’Keeffe was declared bankrupt in November 2021 and accepted a 12-year Bankruptcy Restrictions Undertaking (BRU) in October 2022, which prohibits him from acting as a company director and imposes other restrictions.
The case underscores the seriousness with which authorities view fraud related to Covid relief schemes and serves as a warning to others considering similar actions.
