This story was published more than 1 year ago.
A business owner in the UK was given a jail sentence after committed £1 million in VAT fraud in order to gamble online.
Terrence Sicklemore was given the sentence after he pleaded guilty to committing the massive fraud for a period of eight years. He inflated the revenue numbers of his dairy business, and he'd then file his taxes online. He ended up scoring VAT refunds of about £9,000 per month from the tax collectors. He deliberately set the amount at this amount, as he knew that collectors didn't check rebates that were less than £10,000 in a month, which allowed him to skate by for such a long period.
Sicklemore took the stolen funds and gambled excessively. He'd go to bookmakers and place wagers before work, and afterward, he'd gamble online at home. He was eventually found out when a tax collector noticed that there was a huge discrepancy between his claimed income and the VAT claims.
The defendant was given a three-year jail sentence. After his release, Sicklemore said that he wants to go tour schools giving talks about the dangers of gambling. Restitution will not be an option, as he's insolvent.