A director of three debt management firms has been sentenced to 15 months in prison, suspended for two years, after being found guilty of fraud by abuse of position. David Hall, director of Debts Reduced Limited, Linked Finance Limited, and a firm set up in his own name (together referred to below as ‘the firms’), was sentenced at Cardiff Crown Court on Friday April 8. He was also given 200 hours of community service. The case was brought by South Wales Police following its own investigation, and with the cooperation and assistance of the Financial Conduct Authority (FCA). The FCA said it used its regulatory powers to ensure consumers affected were fully refunded and that the firms did not take on any new business from May 2014. The regulator provided a witness statement for the prosecution which set out its actions following allegations that Hall had acted inappropriately. It was alleged Hall had charged customers £10 per month for an additional product which he referred to as a ‘cover plan’. Hall claimed this product provided help to customers if their circumstances changed and they were subsequently unable to make payments into their debt management plan, and therefore to creditors......Read more here