Paul Haslam, in the first criminal prosecution brought by the Financial Services Authority, was imprisoned for 11 counts of fraudulent inducememt contrary to section 35 of the Banking Act 1987.
Birmingham-based Haslam falsely obtained loans between 1994 and 1995 from 10 customers and an employee of his bookkeeping business, and siphoned £60,000 worth of the charges to fund his purchase of his city nightclub.
Victims were spun a web of lies that including assurances that they were protected by life insurance and faced no risk. And Haslam even concealed the failure of his club when he clinched his final deposit, which he later used to payoff interest charges.
A chartered accountant since 1978, Haslam was struck-off by the English ICA on 12 December 1997 after he failed to respond to the body’s inquiries.
In 1998, Haslam pleaded guilty to six separate offences contrary to section one of the Forgery and Counterfeiting Act.
Judge Marshall said that a high standard of conduct was expected of professionals and that Haslam’s activities had had both an emotional and financial effect on his depositors.
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