In July 2017, Shahriar Farrokhzadeh (42), from Barnet, North London, asked an partner to invest £280,000 in a assets cope with him. The money turned into to enable Shahriar Farrokhzadeh to buy a assets worth £2.3 million at a discounted rate earlier than selling it on for a earnings.
Shahriar Farrokhzadeh promised his friend more than £60,000 profit in go back for the investment and that he might be repaid in under two months.
The companion transferred £280,000 and in go back, Shahriar Farrokhzadeh signed a promissory be aware for £343,000, protecting the quantity invested and projected profit returns, along with guarantees of being repaid in complete by the cease of August.
Over the following 3 months, however, Shahriar Farrokhzadeh continually delayed paying returned the investment at the same time as informing his accomplice that the purchase and sale of the property had been finished.
In fact, Shahriar Farrokhzadeh did now not buy the assets and as an alternative squandered the £280,000 on gambling and other way of life costs.
And at the same time as delaying repaying the funding from his associate, Shahriar Farrokhzadeh tried to elicit extra funds from him saying he had every other funding possibility.
Following a petition by way of one among Shahriar Farrokhzadeh’s creditors, he was ordered bankrupt by way of the courts in April 2019 with liabilities of just below £four million.
Bankruptcy restrictions are commonly lifted after 12 months but due to the seriousness of Shahriar Farrokhzadeh’s movements, the Official Receiver pursued extended restrictions to save you him causing any further harm to other creditors.
The Secretary of State widely wide-spread a financial disaster restriction mission from Shahriar Farrokhzadeh on 19 September 2019. For 12 years, he’s limited from borrowing more than £500 with out disclosing his bankrupt repute, or act as a corporation director with out the courtroom’s permission, among other regulations.
Alan Draycott, Deputy Official Receiver, stated:
Shahriar Farrokhzadeh secured lots of pounds from his buddy in suitable religion however frittered it away. In interviews with the Official Receiver, he couldn’t even do not forget precisely what he had done with all of the money.
12 years of financial disaster regulations is a significant quantity of time and not only severely curtails Shahriar Farrokhzadeh’s sports however protects other lenders from his profligacy.