You will no doubt have seen media reports about some people misusing Bounce Back Loans, and even inventing businesses to blag a BBL. In this update I will enlighten you on how some people gambled away a fortune from their Government backed funds, and the consequences of their actions.
It was often at what are known as Non GamStop betting sites that such funds were lost and gambled away, as they are located overseas and away from UK legislation.
Thus anybody who wants to gamble huge amounts of cash, can do so and free from the usual player protection checks and balances that all UK Gambling Commission licensed betting sites have to abide by.
What is GamStop
Before I bring you some recent cases in which scammers and business owners set about losing a fortune at such betting sites not on GamStop, I should enlighten you, just in case you find it of use, what is GamStop, and how it can help anyone in the grip of a gambling related problem.
All you need to do is to register with GamStop directly, and they then pass your details over to all licensed and regulated UK bookmakers sites and inform them to close any and all accounts that you may have with them.
They are legally obliged to do so, and once they have matched your personal details to any gambling accounts you may have with them, they will not only close them but not permit you to open any new accounts moving forward.
Betting sites not on GamStop sadly are not informed of your decision to self-exclude yourself, as the UK authorities have no control over those bookmakers and no way of enforcing them.
Blowing a Fortune at Non GamStop Bookmakers
One chap who learned the hard way that blagging a fortune via a Government backed loan is Michael Bingham, who has just been given a 20 month prison sentence, suspended for two years, and ordered to do 150 hours of unpaid work to be completed in the next 12 months.
He first managed to secure a £10,000 BBL for his PCB Plumbing business, by claiming that the turnover for that business was £40,000, and then decided to step even more into the dark side, by inventing a second company, M and B Gas Installations and applied for a £50,000 BBL which he managed to receive.
Now, as for what he sent all that money on, well he lived like a high roller it appears before it ran out, as he went on a camping holiday with his family, showered them with Christmas presents, bought a puppy, and even transferred some £22,000 to his father-in-law.
However, he also admitted gambling away some of the money too, which no doubt ended up adding to the bottom line profit of a non GamStop betting site.
Spending Over £11,000 With a Non GamStop Betting Site
It is not only Company Directors who turned to non GamStop betting sites to spend their BBLs, quite a few Sole Traders also did the same.
Back in June 2020, Kevin Clark decided he would blag a £50,000 BBL by over-estimating his business turnover and in no time at all those funds dropped into his bank account.
It turned out his gambling spree ended up costing him, or the taxpayer, depending on how you look at it, some £11,561.84.
As for the punishment for what he did, well he signed a 9 Year Bankruptcy Restrictions Order undertaking.
Paying Off Debts to Family Members and Gambling
Another case that also springs to mind is that of Mark Anthony Wray, who not only managed to get a £20,000 BBL, but when the Government announced Bounce Back Loan top ups, in November of 2020, he boosted the value of his loan by an additional £18,000 by making use of a top up.
As for what he ended up doing with that fortune in Government backed funds, well he repaid debts to family members and he too sent some time locating a Non GamStop bookie and ended up blowing a fortune on no doubt losing sports bets and wagers.
He did appear to be treated with some sympathy though by the powers that be, for he ended up with just a 6 Year Bankruptcy Restrictions Order.