The UK Insolvency Services Company Investigation Team has banned a former Director of a betting firm from running a company until 2021 after the man ran the company into the ground.
Karl Dennis Zanft ran Fineform Racing Limited, a betting company that dealt primarily on horse racing for clients at online and high street bookmakers. He allegedly failed to ensure that the company has proper accounting records of its transactions, making it impossible to determine whether monies being placed in the company account were actually being used on the clients' behalf.
Investigators determined that the company assured customers that funds would be placed into individual accounts but were instead put into the company's current account and used as general funds.
Fineform operated from December 2006 to March 2010 when it liquidated, owing around £243,961 to creditors.
Company Investigations North Director Claire Entwistle commented, saying “This disqualification undertaking represents a successful conclusion to our investigation resulting in Mr Zanft being banned from being involved in the management of any company for several years. The outcome of this case should serve as an important reminder that unacceptable conduct by a company director can result in a lengthy period of disqualification.”