LCF CEO will get 10 month suspended jail sentence


The Severe Fraud Workplace has secured a suspended 10 month jail sentence towards former London Capital & Finance (LCF) CEO Michael Thomson.

The sentence, suspended for 2 years, was imposed at Southwark Crown Courtroom in the present day as a result of Mr Thomson was discovered to have breached a restraint order on his checking account.

Mr Thomson was CEO of mini-bond supplier LCF which collapsed in 2019 leaving 11,000 buyers with mixed losses of over £237m.

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The SFO discovered that that Mr Thomson had hidden £95,000 he acquired after the order was imposed. The sum included £40,000 from a tax rebate and a fraudulent insurance coverage declare price £55,000 for restore work to a barn that was by no means accomplished. The cash was paid into an account owned by Mr Thomson’s spouse in an try to cover the cash from the SFO, the SFO stated.

SFO investigators discovered that Mr Thomson spent a number of the cash to additional “conceal and hamper” its restoration: spending £5,000 on a vacation in Italy, shopping for a £3,900 horse saddle, spending £1,170 on a lodge and spa keep in Torquay, and paying £5,495 for a scorching tub.

Lisa Osofsky, director of the Severe Fraud Workplace, stated: “Right now’s consequence makes clear: firm executives should not above the regulation. After they break it, we now have the means and the resolve to go after their cash, regardless of the place they disguise it.

“Over the previous two years we now have traced and seized each asset we now have gone after, recovering over £140m for taxpayers.”


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