Former Chief Executive Officer of collapsed investment firm London Capital & Finance Plc (LCF) Michael Thomson, and his wife Debbie Thomson, were sentenced on Thursday following action by the Serious Fraud Office (SFO), for selling restrained luxury items such as horse saddles and a hot tub.

Michael Thomson received a six-month prison sentence. Thomson’s wife Debbie, who also admitted to breaches, was sentenced to six months, suspended for a period of two years. In his remarks, the judge called the breaches an attack on the administration of justice.

Michael Thomson admitted to recklessly breaching an SFO restraint order twice and Debbie four times by receiving a £2,000 holiday refund and selling items – including a hot tub and horse saddles – with a combined value of nearly £5,800.

Mr Thomson was already serving a suspended sentence at the time of the offending for a previous breach, having transferred £95,000 to his wife to conceal funds from investigators.

Mr Thomson’s assets are subject to restraint proceedings imposed to protect assets as part of an ongoing SFO investigation into suspected fraud and money laundering at LCF.

To date, SFO investigators have revealed that the Thomsons’ actions have resulted in the dissipation of over £100,000 in assets.

The SFO has an ongoing investigation into the activities of LCF that led to 11,000 investors losing over £237 million between 2014 and 2019.