An entrepreneur was convicted today (19 July 2024) of fraudulently obtaining a COVID-19 Bounce Bank Loans to a value of £50,000.

Gerald Smith, 69, was found guilty of one count related to fraud and will be sentenced on 20 September.

On one occasion, Smith submitted a fraudulent application for the loan. On one application, he claimed he needed the money to help his business and succeeded in obtaining a £50,000 loan. Once received, he used the funds for his personal use.