Hertford Heath man jailed for fraud

A company director who secured Covid loans for three dormant companies and overstated his turnover to secure a fourth during the pandemic has been jailed. 

Ricky Harrison received a total of £200,000 in Bounce Back Loans during 2020, when he was entitled to just £16,000 at most. He also spent the money for personal purposes, not for business use as was required. 

Three of his companies, Hackney Works Ltd, Tower Hamlets Works Ltd and Ricky Harrison Holdings Ltd, were not trading at the time he made his fraudulent applications to the bank. 

The 41-year-old also exaggerated his turnover by more than £150,000 for a fourth company, Newham Works Ltd. 

Harrison, of Beacon Court, Hertford Heath, Hertfordshire, was sentenced to three years and two months in prison when he appeared at St Albans Crown Court on Friday 25 April. 

He was also disqualified as a director for 10 years. 

Ricky Harrison’s actions were deeply cynical. He exploited an opportunity to help himself to taxpayers’ money during what was a national emergency. 

Harrison did not co-operate with Insolvency Service investigations, failing to attend a pre-arranged interview and instead producing a typed statement where he implausibly claimed he was entitled to all the loans and was at liberty to spend the funds as he saw fit. 

The reality is that Harrison was not entitled to the vast majority of the money he received and was required to spend the funds for the economic benefit of his business.  

This was public money and we will continue to prosecute those who made such obvious false representations to secure Covid support.

:: David Snasdell, Insolvency Service Chief Investigator