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Kathryn Joy Clark and Richard Aston Clay were accused by the Serious Fraud Office of committing ‘dishonesty offences’, in the area of investments in the scheme called Arck made through HD Administrators.
Arck was supplying financial products to investors and, according to the SFO estimation, around £50 million was invested.
Clark and Clay are now prohibited from conducting any operations in financial services.
Both directors pleaded guilty to charges of forgery and fraud in 2014 and were respectively sentenced to 12 years’ total imprisonment.
At Southwark Crown Court, Clay was given 10 years and 10 ten months, while Clark convicted to a 2-year suspended sentence with 300 hours unpaid work.
Clay also received a crime prevention order lasting for five years, which impose constraints on whom the individual deals with on a business level, constrain their travel arrangements and also report their financial affairs to the police.
They were accused of with making representations to investors in Arck investments which they knew were false or misleading between 2006 and 2012
There were roughly 750 people to have invested in the scheme, which entered into liquidation in 2012 and was examined by the FSA and the SFO.
The FCA stated it ‘has concluded that both Mr Clay and Ms Clark are not fit and proper to carry on any function in relation to any regulated activities’.