A rogue property dealer pocketed £100,000 from a house sale after buying it with a government Covid loan his companies weren’t eligible for.
Brendan Gaughan has been banned as a director for 12 years and could face prosecution and a possible prison sentence over his scheme.
An investigation found he had wrongly taken out £135,000 of UK Government Bounce Back Loans (BBL), which were set up to help businesses cope with the pandemic l ockdown.
He used it to buy a property in Knightswood, Glasgow, for £160,000 and seven months later sold it for £140,000 – putting £100,000 of the proceeds into his own bank account.