Wandsworth hotelier jailed for £450k Covid loan fraud

Richard Courtenay, aged 62, of Larpent Avenue in Wandsworth, has been sentenced for fraudulently obtaining £450,000 in government Covid support funds. Between May and June 2020, Courtenay submitted nine false applications for Bounce Back Loans across five separate companies. He admitted to nine counts of fraud and one count of money laundering in July this year.

Fraudulent Loan Applications

Courtenay's fraudulent activities involved companies including Hotel Belgravia Limited, Belgravia Rooms Limited, Lebex Limited, Directlingua Limited, and Belgravia Accommodation Ltd. He dishonestly overstated the turnovers of these businesses to secure larger loans. In several instances, he applied for multiple loans for the same company, a practice prohibited by the scheme, which allowed only one loan per business. The funds obtained were then transferred to his personal bank accounts or those of his other companies, and used for personal expenditure, including the purchase of cryptoassets.

For Lebex Limited, Courtenay secured £200,000 from four different banks. During these applications, he provided inconsistent turnover figures, declaring amounts of £600,000, £500,000, and finally £400,000. He also falsely stated that no prior loan had been received for this company.

Court Sentencing and Investigator's Comments

On September 3, Courtenay was handed a three-year suspended sentence at Southwark Crown Court. He was also ordered to complete 150 hours of unpaid work and attend 10 days of rehabilitation activities. David Snasdell, Chief Investigator at the Insolvency Service, commented on Courtenay's actions. Mr Snasdell stated that Courtenay displayed limited remorse and attributed repayment difficulties to the banks, rather than his own dishonesty. He added that Courtenay's conduct was dishonest, particularly as the scheme relied on the integrity of business owners during a national crisis.

Mr Snasdell concluded by affirming the Insolvency Service's commitment to prosecuting Bounce Back Loan fraud, ensuring accountability for those who exploited support intended for businesses in need.