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    <p>A London <a rel="noopener noreferrer nofollow" title="builder" href="https://thebittimes.com/tag/builder.html">builder</a> who <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a>ulently applied for a £50,000 ($62,000) Covid-19 loan before losing it all in a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> investment <a rel="noopener noreferrer nofollow" title="Scam" href="https://thebittimes.com/tag/scam.html">Scam</a> has been sentenced to almost two <a rel="noopener noreferrer nofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a> in prison.</p>
    <p>As announced by the <a rel="noopener noreferrer nofollow" title="UK" href="https://thebittimes.com/tag/uk.html">UK</a>’s Insolvency Service, 43-year-old L<a rel="noopener noreferrer nofollow" title="UK" href="https://thebittimes.com/tag/uk.html">UK</a>asz Nowak successfully applied for a £50,000 ($63,000) Bounce Back loan in October 2020, claiming his business had made £205,000 ($258,000) in the previous tax year. However, Nowak had actually turned over just £20,000 ($25,000).</p>
    <p>The Bounce Back scheme allows small and medium-sized businesses to borrow between £2,000 ($2,500) and up to 25% of their turnover.</p>
    <p>Rather than spending the loan on financially supporting his business as intended, today’s press release revealed how <strong>Nowak chose to invest the funds into <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> via a third-party broker</strong>.</p>
    <p>However, the broker in question stole his funds, forcing him to declare bankruptcy in July 2021.</p>
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       TikTok ‘guru’ launders COVID loans with crypto, spoils girlfriend
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    <p><em>Read more: Hackers want $380K in bitcoin for Royal Family’s stolen medical records</em></p>
    <p>Nowak confessed to the scheme following an investigation from the Insolvency Service and later pleaded guilty on October 9 to <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a> by false representation.&nbsp;</p>
    <p>On November 27, Nowak was handed a <strong>20-month prison sentence, suspended for two years</strong>, ordered to pay £12,000 to the bank he defrauded, given 200 hours of unpaid work, and ordered to attend 15 rehabilitation sessions.&nbsp;&nbsp;&nbsp;</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/two-years-for-builder-who-lost-fraudulent-covid-loan-in-crypto-scam-tbt72704.html">https://thebittimes.com/two-years-for-builder-who-lost-fraudulent-covid-loan-in-crypto-scam-tbt72704.html</a></p>

Two years for builder who lost fraudulent Covid loan in crypto scam

TheBitTimes

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