Fraud conviction and 2 year prison sentence for former insolvency practitioner

WILLIAM EVAN PRICE, aged 69 of Pontnewynydd, Pontypool, Torfaen, a former insolvency practitioner practising at Abersychan, has been sentenced to a total of two years imprisonment after pleading guilty to seven counts of fraud, two counts of theft and one count of false accounting.

Price was also disqualified from being an insolvency practitioner and director of a company for seven years.

The conviction follows a referral by the Insolvency Service and a full criminal investigation and Prosecution by the Department for Business, Energy and Industrial Strategy with assistance from Gwent Police.

The offending related to the misappropriation of nearly £48,000 received by Price as the trustee in bankruptcy of five bankrupts and the liquidator of one company, for the benefit of their creditors and the falsification of his time sheets in relation to his administration of one bankruptcy.

The offending took place against the background of the restriction and withdrawal of Mr Price’s insolvency practitioner’s licence by his licencing body, the ICAEW and in the period thereafter.

Deputy Chief Investigating Officer, Liam Mannall from the Department for Business, Energy & Industrial Strategy said: “The Insolvency Service and The Department for Business, Energy and Industrial Strategy will take firm action in respect of criminal activity on the part of insolvency professionals, who are under an enhanced fiduciary duty when dealing with vulnerable individuals and distressed companies.

“Mr Price completely betrayed the trust placed in him by a number of people who considered him to be an individual who would apply his professional knowledge to help them through difficult periods in their lives.”