Two years for builder who lost fraudulent Covid loan in crypto scam
A London builder who fraud ulently applied for a £50,000 ($62,000) Covid-19 loan before losing it all in a crypto investment Scam has been sentenced to almost two years in prison. As announced by the UK ’s Insolvency Service, 43-year-old L UK asz Nowak successfully applied for a £50,000 ($63,000) Bounce Back loan in October 2020, claiming his business had made £205,000 ($258,000) in the previous tax year. However, Nowak had actually turned over just £20,000 ($25,000). The Bounce Back scheme allows small and medium-sized businesses to borrow between £2,000 ($2,500) and up to 25% of their turnover. Rather than spending the loan on financially supporting his business as intended, today’s press release revealed how Nowak chose to invest the funds into crypto via a third-party broker . However, the broker in question stole his funds, forcing him to declare bankruptcy in July 2021. TikTok ‘guru’ launders COVID loans with crypto, spoils girlfriend Read more: Hac...