Previously, following an investigation by the FSA, Mr Upton was convicted of 13 offences of fraud relating to his conduct in the company and sentenced to six years’ imprisonment on February 9, 2012.
Mr Upton’s disqualification follows an investigation by the Insolvency Service. He has given an undertaking to the Secretary of State for Business, Innovation and Skills (BIS) not to promote, manage, or be a director of a limited company from August 12 2013 until 2027.
Mr Upton, 41, was the director of Wakefield-based, Upton and Co Accountants Ltd, which was placed into Voluntary Liquidation in October 2011 owing creditors and shareholders £1,795,818.
In giving his disqualification undertaking, Mr Upton did not dispute that he obtained £196,145 from clients of the company by providing clients with false bank account details into which clients made payments properly due to HM Revenue and Customs (HMRC) for Corporation Tax. And, that he caused Upton and Co to fail to forward those payments to HMRC.
Mr Upton also did not dispute that he caused Upton and Co to carry out unauthorised investment activity and to trade in a manner that lacked commercial probity. In particular, he caused the company to accept at least £5,324,357 from investors on the basis that funds would be invested in currency markets.
The Financial Services Authority (FSA),froze the company’s account having concluded that there was never any currency scheme as described to investors, as the company was not authorised to make such an offer or operate such a scheme. £1,090,782 remains owing to investors.
Ken Beasley, Official Receiver of the Insolvency Service’s Public Interest Unit, said: “Mr Upton’s actions were dishonest and clearly show that he is unfit to be a director of a limited company.
“The Disqualification serves as a protection to the public and demonstrates that the Insolvency Service will not hesitate to use its enforcement powers to remove dishonest directors from the business environment.”
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Susie Hughes © Shout99 2013