Insolvency Service reports sentencing of builder for Bounce Back Loan fraud

Article summary

The Insolvency Service has reported the sentencing of self-employed builder, Lukasz Nowak for fraud by false representation under section 2 of the Fraud Act 2006. Nowak has been sentenced to 20 months’ imprisonment, suspended for two years, ordered to pay £12,000 in compensation to the bank from which he borrowed the money, ordered to undertake 200 hours unpaid work and 15 Rehabilitation and Activity Requirement days. An investigation by The Insolvency Service found that Nowak had overstated the turnover of his business to fraudulently obtain a £50,000 Bounce Bank Loan in October 2020. Nowak then used the loan money to invest in cryptocurrency, which was a scam itself and Nowak subsequently lost all of this money and declared bankruptcy in July 2021.