Ex-director of Newport gun firm jailed over £57m fraud (From South Wales Argus)

Ex-director of Newport gun firm jailed over £57m fraud

4:10pm Monday 17th September 2012 in Gwent news

THE FORMER company secretary of a firm that dealt in sporting guns has been jailed for 32 months after admitting he defrauded investors to prop up his family business.

Losses are estimated to be over £8 million after 57-year-old Andrew Donald Litt brokered fraudulent deals worth over £50 million in total.

Litt was sentenced today at Cardiff Crown Court after pleading guilty to two counts of fraudulent trading in relation to the family business.

Litt, a certified accountant and former director of D J Litt (Firearms) Limited admitted to knowingly carrying on the business of D J Litt with the intent to defraud creditors.

He was sentenced to 32 months' imprisonment on one count and 16 months' on the second to run concurrently. He was also disqualified from acting as a company director for five years.

In passing sentence Judge Patrick Curran QC took into consideration that Litt had assisted the investigation. It was also acknowledged that it was not a fraud from the start and that the defendant's actions were not motivated by personal gain but were prompted by a desire to keep the company going.