Investments  

Software developer disqualified after £850k sent to wrong bank account

Software developer disqualified after £850k sent to wrong bank account
 

The director of a software provider has been disqualified for 12 years after £850,000 of investment was sent to his personal bank account.

Adam Alexander Valdemar Norton, aged 35 and from Salford, was the director of ANorton Holdings, trading under Volution Fit.

The company was incorporated in September 2018 and provided virtual software and support to gyms and fitness clubs.

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However, £849,000 worth of investments that were due to help develop a mobile application were received by Norton into his personal bank account, rather than the company’s.

Norton also provided false copies of bank statements to the investors, which incorrectly showed the bank account held in the name of ANorton Holdings rather than his own.

In August, Norton did not dispute he caused this provision of incorrect bank details and bank statements on three separate occasions to an investment company for the purposes of obtaining funds.

He was disqualified for 12 years.

Deputy head of insolvency investigations for the Insolvency Service, Neil North, said: “This was a gross abuse of his investors’ trust and Adam Norton has been removed from the corporate arena for a substantial amount of time.

“The software developer’s ban sends out a clear message that where a corporate vehicle is being used to facilitate actual or potential fraudulent activity, we will not hesitate to use our powers to remove dishonest or reckless directors from the business environment.”

sally.hickey@ft.com