The director of an investment scheme which collapsed owing more than £23m to creditors has been banned by the Insolvency Service for 14 years.
Harlow-based Simon Moir was appointed as a director of Walsham Chalet Park Limited, also trading as the Dream Lodge Group, in 1998.
The company managed holiday parks in eight locations across England and also ran an investment scheme offering returns on the rental income from the chalets.
But when Walsham Chalet Park collapsed into administration in January 2019 it was left owing more than £23m to creditors, with £19.4m still owed to investors after its insolvency.
The company's liquidators Deloitte rang alarm bells to the Insolvency Service, which found £14.2m was owed to 161 investors who had paid Walsham Chalet Park for holiday chalets which were never built.
The service warned 58-year-old Mr Moir "should have been aware that the lodges had not been built and there was little or no prospect of them being completed" when securing funds from investors.
A further 30 people had paid the company £1.8m to invest in chalets based at Coleford Park, Gloucestershire, despite the company not owning the site.
According to the Insolvency Service Mr Moir had also instructed employees to send false accounts to the company’s bank in order to secure its continued support.
Sue Macleod, chief investigator for the Insolvency Service, said: "Simon Moir presided over a scheme where people thought they were investing in holiday chalets with the promise of generous financial returns.
"But it was nothing more than a ruse and Simon Moir’s actions have caused substantial losses to investors, many of whom have lost their life savings.
"Thanks to liquidator Deloitte’s assistance with our investigations, Simon Moir has been banned for 14 years.
"This is a significant period of disqualification, just a year under the maximum term, and will ensure no more investors will be victim to his schemes."
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