A software developer has been disqualified from the corporate arena for 12 years.
Adam Norton, 35, from Salford, received money from investors in his company directly into his personal bank account.
Norton was the director of ANorton Holdings Limited and used the trading name ‘Volution Fit’. The company was incorporated in September 2018 and provided virtual software and support to gyms and fitness clubs.
It entered administration in November 2020 before going into liquidation in August 2021, triggering an investigation by the Insolvency Service.
Investigators uncovered that Adam Norton secured £849,999 worth of investments – provided in two tranches – to help develop a mobile application.
Norton provided false copies of bank statements to the investors, which incorrectly showed the bank account was held in the name of ANorton Holdings rather than his own.
Funding into the company was announced from NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund, in March 2020.
At the time, Norton said: “We’re delighted to be working with Maven to continue to grow our local and international footprint. With the experience Maven offers in facilitating high growth we are able to deliver a bunch of new jobs into the North West and provide tremendous growth internationally.”
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The Secretary of State accepted a 12-year disqualification undertaking from Norton in which he did not dispute that he caused ANorton Holdings Limited to provide incorrect bank details and false bank statements on three separate occasions to an investment company for the purposes of obtaining funds.
“This was a gross abuse of his investors’ trust and Adam Norton has been removed from the corporate arena for a substantial amount of time,” said Neil North, deputy head of insolvent investigations for the Insolvency Service.
“The software developer’s ban sends out a clear message that where a corporate vehicle is being used to facilitate actual or potential fraudulent activity, we will not hesitate to use our powers to remove dishonest or reckless directors from the business environment.”