- 11 Oct
4M Of False Invoices Lands David Marsden A 10 Year Ban
A Government press release dated 8th October 2018 confirms that David Andrew Marsden (62 from Exeter) has provided a 10 year directors disqualification undertaking, that has been accepted by the Secretary of State.
The undertaking is effective from 9th October 2018, and prohibits the individual from holding any Directorships. David Marsden was formerly the boss of First Capital Factors, the invoice finance company that went into Administration back in September 2016.
David Marsden Directors Disqualification
The ban means that David Marsden cannot hold the position of Director in a company for 10 years from the 9th October 2018 - by which time he will be in his 70's.
The press release goes on to explain that David Marsden allegedly instructed a number of his clients to produce false invoices, before he submitted them to FCF's back-to-back receivables financing funders, to secure £4.3 million of illegitimate monies. According to the release, these monies were then transferred to other companies he was connected with, to avoid paying his creditors.
FRP Advisory are acting as the Administrators for FCF, and their most recent report to the creditors of the company confirms that David Marsden was made bankrupt on the 9th February 2017.