A COMPANY director from Annesley has been jailed for his part in a £121,000 fraud.
Wayne Durant (41), of Park Avenue, ran an engineering company, Kitson and Bits Valve Actuation Limited, which was based in Kirkby-in-Ashfiield.
Nottingham Crown Court was told that when under financial pressure, he set up fictitious companies and sold false invoices to a ‘factoring’ firm, which recovered unpaid debts.
Durant, who admitted fraudulent trading between February and July 2007, was jailed for ten months.
He was also disqualified from being a company director for ten years.
The court heard he was already an undischarged bankrupt.
A second director of the company, Paul Walters (43), of Sherwood Rise, Kirkby in Ashfield, was given a sentence of four months’ imprisonment, which was suspended for two years.
Walters, boss of BSF Engineering, of Nottingham Road, Mansfield, admitted fraudulent trading between December 2006 and January 2008 to the tune of £45,000.
Judge James Sampson told Durant: “You set up fictitious business structures for the purpose of fraud — and Walters joined in.
“Both of you were company directors and completely disregarded your duty to uphold the highest standards of probity.
“This was planned dishonesty.”
Walters was disqualified from being a company director for five years.