Businessman sentenced for Government backed COVID 19 bounce back loan fraud

Gerald Smith, 69, was found guilty of two counts related to fraud and concealing criminal property or concealing the use of money and sentenced to 18 months imprisonment at Southwark Crown Court.
Kevin Hansford of the Crown Prosecution Service recently said:

“Gerald Smith took advantage of a government system designed to protect and support businesses through the Covid pandemic. Rather than using the funds for legitimate business purposes, Smith diverted them for his own personal use and to fund a court costs order.

“The CPS and investigative agencies will continue to pursue fraudsters who dishonestly enriched themselves from government support grants and loans.”

Detective Inspector Andrea Bakewell, from the Fraud Operations team at the City of London Police recently said:

“When many businesses were struggling to keep their head above water during the COVID pandemic, criminals were making use of the financial aid on offer.

“Gerald Smith demonstrated an incredible amount of manipulation, conceit and greed as he exploited the bounce-back loan scheme offered by the government. This level of exploitation during one of the hardest periods this country has ever faced is something we will not tolerate.”