Insurance firm director hit with 11-year ban

Director resigned from company during the same month that it went into liquidation

Insurance firm director hit with 11-year ban

Insurance News

By Paul Lucas

Back in September we reported on the case of Stephen Fox, a director at SJ Stoddart Ltd, who admitted stealing £273,774 (see article). Now, Fox has received his punishment.

Fox was a director at the firm from January 1996 to August 10, 2015, with the company going into liquidation later that month with a deficiency estimated at £81,547.

When the Insolvency Service launched an investigation it found that Fox was making payments from the company’s account into his own account from October 08, 2014-August 05, 2015 while concealing his efforts by providing false descriptions of the transactions on the company’s bank statements.

Fox admitted to the charge of theft in September at Luton Crown Court.

Now, a report by Insider Media has revealed that Fox has been banned for a period of 11 years beginning on December 08.

The report quotes Sue MacLeod, chief investigator at the Insolvency Service as stating that Fox “misappropriated company funds” for his own personal benefit.

“Company directors should note from this enforcement result that actions of this kind will lead to serious censure,” she stated.

“This disqualification is a reminder to others tempted to do the same that the Insolvency Service will rigorously pursue enforcement action and seek to remove from them the privilege of trading with limited liability to protect the public for a lengthy period.”

Related stories:
Ex-brokerage worker admits stealing £273,000


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