An unqualified accountant from Tunbridge Wells has been given a 12-year bankruptcy restriction order after a court found he abused his position of trust by misappropriating over £50,000 of client funds from a social club to which he provided accountancy services
In February 2014 a bankruptcy order was made against Mark Edmonds, following a petition filed by HMRC in respect to his personal tax affairs.
Edmonds’ total deficiency was £261,766, and an investigation by the Insolvency Service established that of this amount £77,624 was owed to his former client, a social club.
At his subsequent trial, where Edmonds did not defend the proceedings against him, Tunbridge Wells county court heard that from 2004, Edmonds acted as treasurer for the social club, although he was not formally appointed.
Edmonds was placed in a position of trust over the social club finances, but admitted making regular payments to himself between October 2008 and June 2012. Edmonds confirmed that during this period he misappropriated £57,284 as unauthorised loans to support his personal income without the consent of his client.
The misappropriation of social club funds resulted in his client being liable for further charges of £20,340 for which they are seeking recovery from Edmonds.
Andrew Stanley, the Official Receiver from Kent said: ‘Mr Edmonds held a position of trust with his client, which he breached by carrying out actions of dishonesty. The period of restrictions is in the maximum 15 years, reflecting the seriousness of the case and the high level of the victims that have suffered a loss.’
