Composer sentenced for Bounce Back Loan abuse following Insolvency Service investigations
A video game composer and sound designer who fraudulently applied for a Covid loan has been jailed.
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Durham-based Peter Connelly, best known for his work on the Tomb Raider series, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan.
Connelly had previously secured a legitimate Bounce Back Loan worth £22,000 one month earlier.
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The 52-year-old, of Lambton Court, Peterlee, was jailed for 16 months at a hearing of Durham Crown Court on Thursday 17 July.
He was also disqualified as a company director for six years.
David Snasdell, Chief Investigator at the Insolvency Service, said:
Connelly was the sole director of Peter Connelly Limited, established in June 2008.
The company was known as Universal Sound Design Limited up until November 2012, and it described its trading as “sound recording and music publishing activities”.
Connelly’s first application for a Bounce Back Loan was in May 2020, when he secured £22,000. This application was within the rules of the scheme.
However, one month later in June 2020, Connelly applied to a different bank for a Bounce Back Loan of £37,500, claiming his company’s turnover for 2019 was £150,000.
Insolvency Service analysis revealed his turnover was just over £58,000, meaning he substantially inflated it on his second application.
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Connelly also falsely declared that this was the only loan he had applied for.
In interviews, Connelly told the Insolvency Service that he had been given the opportunity to re-imagine the music for the Tomb Raider soundtrack. This was a significant project which had the potential to be very lucrative, he added.
To complete the project, Connelly said he had taken out personal loans and sold his car.
However, Connelly said everything stalled at the start of the pandemic.
Peter Connelly Limited went into liquidation in August 2021. Neither loan had been repaid at this time.
Connelly himself entered into an Individual Voluntary Arrangement (IVA) in June 2022, a legally binding agreement where he has committed to making regular payments to an insolvency practitioner to repay his debts.
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The IVA remains active.
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