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What financial restrictions will face Mr Mudge?

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asked Apr 21 by Bruce (4,650 points)

1 Answer

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answered Apr 21 by KevinAdams (6,040 points)
selected Apr 21 by Bruce
 
Best answer

Mr Mudge’s period of bankruptcy restriction means that he cannot promote, manage, or be a director of a limited company until February 2029.  He also must disclose his status as a person subject to bankruptcy restrictions to a credit provider if he wishes to get credit of £500 or more.

commented Apr 21 by Bruce (4,650 points)
How did the lead his firm to bankruptcy?
commented Apr 21 by KevinAdams (6,040 points)
Between June 2009 and February 2012,  he solicited £8.5 million from investors for his unauthorised investment scheme. The complaint also charged Mudge with making several misleading representations to actual and prospective investors. Such misrepresentations included that he was exempt from the FCA’s registration requirement. He also failed to provide pool participants with required monthly account statements and annual reports.
commented Apr 21 by Bruce (4,650 points)
What a shame. Thank you.

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