Crypto gambler avoids jail over £100k loan abuse

Sole director of a Buckinghamshire glazing firm has been given a one-year, 10 month suspended sentence after fraudulently claiming covid loans

Haralombos Ioannou, 49, from Edlesborough in Buckinghamshire, used the £100,000 proceeds from two bounce back loans to fund his gambling and crypto investments.

He was given a suspended sentence at Southwark Crown Court on 7 October for fraudulently applying for two bounce back loans when only entitled to one, using the second loan to gamble, invest in crypto, and give money to his now ex wife.

Ioannou was the sole director of Opti-Bond (GB) Ltd, which was set up in October 2019.

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