A London hotelier has been sentenced after fraudulently obtaining £450,000 through nine Bounce Back Loan applications in May and June 2020, the Insolvency Service said in a press release dated 7 September 2026. Richard Courtenay, 62, of Larpent Avenue, London, inflated turnover figures for five companies and took multiple loans for the same business, which the scheme did not allow. He moved the funds into personal accounts, other companies and, in one case, cryptoassets.

According to the release, Courtenay pleaded guilty in July 2026 to nine counts of fraud and one count of money laundering. At Southwark Crown Court on Thursday 3 September 2026 he was given three years in prison suspended for three years, 150 hours of unpaid work and 10 days of rehabilitation activity. He had repaid the full £450,000, but only after Insolvency Service investigations began, the release said.

Each application was for £50,000, the scheme maximum. Chief Investigator David Snasdell said Courtenay's conduct involved determination in exploiting a scheme vulnerable to fraud and that he had shown limited remorse.