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False contracts fraudster ordered to pay nearly £200,000

10 Ebrill, 2018 | Eitemau newyddion

Carl Cumiskey was ordered by HHJ Gledhill QC to pay a confiscation order of £194,343 at a hearing at Southwark Crown Court on 6 April 2018. The order is required to be satisfied in full within three months or a default sentence of 2 years will be activated.

Carl Cumiskey was  convicted of two counts of Conspiracy to Commit Fraud by false representation for his role in an £160m financing fraud.  He was sentenced to 10 years in jail on 10 February 2017. As Finance Director at H2O Networks Limited (“H2O”) Carl Cumiskey had been one of four individuals found guilty of conspiracy to commit fraud against two business lenders, Barclays Bank and KBC Lease (UK) Limited (“KBC”), a subsidiary of the Belgian banking group KBC. 

Cumiskey, with two others from the company Total Asset Limited trading as Total Asset Finance, was convicted of conspiring to create, sign and sell falsely inflated or entirely false contracts from the company H2O to business lenders Barclays and KBC.  His criminal benefit from the fraud was agreed by the court to have been £271,706.32.

H2O supplied fibre-optic internet cable connections with the unique selling point that sewers would be used as channels for the internet cables.  They targeted public institutions such as local authorities, universities, colleges and the NHS with long-term payment contracts. 

Notes to editors:

  1. The investigation was announced on 9 January 2015.