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19/01/2012
Betting Director Disqualified
The director of a betting company has been disqualified fro the industry for nine years following an investigation by The Insolvency Service in Manchester.
Karl Dennis Zanft, the director of Fineform Racing Limited, a company that placed bets on behalf of clients has been disqualified from managing or in any way controlling a company or being a director until 24 January 2021.
Mr Zanft, of Stalybridge, Cheshire, was the sole director of Fineform Racing Limited from 28 December 2006 until he placed his company into Liquidation on 3 March 2010, with an estimated deficiency to creditors of £243,961.
The company traded as a bet placement agency, predominantly placing bets on horse races with high street and online bookmakers on behalf of its various clients.
Mr Zanft did not dispute that he failed to ensure that Fineform maintained proper accounting records, or,that he failed to preserve and deliver up to the liquidator such records as were maintained.
Fineform’s clients deposited cash into the company’s bank account to be used to place bets on their behalf, either with high street or online bookmakers, in a bid to obtain the best odds available. From the records maintained by Fineform it was not possible to establish that all of the money deposited was used for placing bets on the clients’ behalf.
In addition, Mr Zanft did not dispute that. Fineform told its clients the monies they deposited would be held in client accounts and would be returned when requested, when these payments were actually paid directly into Fineform’s current account and utilised as general funds.
Commenting on the case, Claire Entwistle, Director of Company Investigations North, said: “This disqualification undertaking represents a successful conclusion to our investigation resulting in Mr Zanft being banned from being involved in the management of any company for several years. The outcome of this case should serve as an important reminder that unacceptable conduct by a company director can result in a lengthy period of disqualification.”
(DW)
Karl Dennis Zanft, the director of Fineform Racing Limited, a company that placed bets on behalf of clients has been disqualified from managing or in any way controlling a company or being a director until 24 January 2021.
Mr Zanft, of Stalybridge, Cheshire, was the sole director of Fineform Racing Limited from 28 December 2006 until he placed his company into Liquidation on 3 March 2010, with an estimated deficiency to creditors of £243,961.
The company traded as a bet placement agency, predominantly placing bets on horse races with high street and online bookmakers on behalf of its various clients.
Mr Zanft did not dispute that he failed to ensure that Fineform maintained proper accounting records, or,that he failed to preserve and deliver up to the liquidator such records as were maintained.
Fineform’s clients deposited cash into the company’s bank account to be used to place bets on their behalf, either with high street or online bookmakers, in a bid to obtain the best odds available. From the records maintained by Fineform it was not possible to establish that all of the money deposited was used for placing bets on the clients’ behalf.
In addition, Mr Zanft did not dispute that. Fineform told its clients the monies they deposited would be held in client accounts and would be returned when requested, when these payments were actually paid directly into Fineform’s current account and utilised as general funds.
Commenting on the case, Claire Entwistle, Director of Company Investigations North, said: “This disqualification undertaking represents a successful conclusion to our investigation resulting in Mr Zanft being banned from being involved in the management of any company for several years. The outcome of this case should serve as an important reminder that unacceptable conduct by a company director can result in a lengthy period of disqualification.”
(DW)
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