Richard Courtenay, 62, from Putney in southwest London, was given a three-year suspended sentence at Southwark Crown Court last week after pleading guilty to nine counts of fraud and one count of money laundering.

The case centred on £450,000 in bounce back loans claimed in less than two months between May and June 2020 by Courtenay at the outset of the pandemic, which broke the covid eligibility rules.

He was also ordered to complete 150 hours of unpaid work and attend 10 days of rehabilitation activity.

‘The funds were misused in a similar pattern, moved into his personal accounts, his other companies, and to purchase crypto assets,’ the Insolvency Service said.

Courtenay obtained nine bounce back loans worth £450,000 across five companies where he was the sole director except at one of his businesses. He broke the rules as covid bounce back loans were capped at £50,000 maximum borrowing.