Travel agent FD banned over missing £700K

The finance director of a travel agency has been disqualified for 11 years after he misappropriated £700,000 worth of company funds on failed foreign exchange trades

Diamond Shortbreak Holidays Ltd was set up in 1998 and traded in Market Harborough as a travel agent and holiday company.

Jamie Tann joined the company in June 2013 when he was appointed as a director on Companies House, working as the financial director.

But four years after his appointment, it was discovered that Jamie Tann was responsible for a payment worth £25,000 that had not reached a supplier.

Tann’s employment with the travel agent was terminated before the Diamond Shortbreak Holidays went into administration in March 2017. The company entered into liquidation in February 2018 and caused job losses both in the UK and in South Africa. Creditors were also owed more than £10m.

An Insolvency Service investigation into the company’s failure  found that between March 2015 and January 2017 Tann had misappropriated funds belonging to Diamond Shortbreak Holidays worth at least £713,000.

Tann told investigators he had used the money to conduct foreign exchange trades and that all of it was lost.

Further enquiries found that he caused Diamond Shortbreak Holidays to make payments due to the travel agent’s creditors into third party bank accounts, while also creating false payment requests from Diamond Shortbreak Holidays’ foreign exchange provider, which he paid either to himself or a third party.

He also received funds due to Diamond Shortbreak Holidays and paid them into accounts not belonging to the company, while failing to pay the funds back to the travel agent.

Martin Gitner, deputy head of insolvent investigations for the Insolvency Service said: ‘Jamie Tann was appointed to a position of trust at the company. However, he used that privilege to misuse hundreds and thousands of pounds on what turned out to be unsuccessful foreign exchange trades.’

Report by Pat Sweet

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