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Second Vantis accountant found guilty

A second tax adviser working for Vantis Tax group has been jailed for his part in a £70 million tax fraud.

Roy Faichney, managing director of Vantis Tax, took a share of the £4.5 million profit earned from a fraudulent tax avoidance scheme sold to wealthy customers.

Along with his deputy Daivd Perrin, who was found guilty in January, they extracted the cash through a Jersey bank where Faichney withdrew his share to spend on luxury properties and art while continuing to evade tax on his own £200,000 salary each year.

The duo advised clients to buy shares worth a few pence each in four new companies they had set up. The companies were then listed on the Channel Islands Stock Exchange and people paid to buy and sell shares in order to inflate the price.

The owners then 'donated' 329 million shares to charity, trying to claim £70 million in tax relief, based on the shares being worth up to £1 each. However, they were still only worth the pennies they were bought for originally.

Judge Blacksell QC told Faichney that 'if you ever had a moral compass you lost it or buried it' while Jenny Crutchfield of HMRC Criminal Investigations confirmed the Revenue were 'delighted' with the outcome of the trail which say Faichney jailed for four years.

Perrin had his 18 month sentence put under review and on 5 July this year, it was deemed to lenient. However, Perrin's health dictated that no alteration should be made to the original sentence.

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