Frank Deal, 41, formerly of Surrey, was the director of Foreign Exchange Ltd which facilitated currency trades for its clients. The company was incorporated in September 2003, based in Croydon, and previously called Yenom Incorporated Ltd.

Foreign Exchange Ltd experienced trading difficulties and entered administration in November 2016 before entering liquation in September 2017.

An insolvency practitioner was appointed to handle the company’s affairs before making the Insolvency Service aware of the conduct of Deal.

When investigators looked into the company’s dealings, they uncovered that, between October 2013 and October 2016, Deal had caused the company to misappropriate client funds totalling almost £2.5m.

In total, 31 customers approached either the police, administrators and the Insolvency Service claiming funds they had transferred to Foreign Exchange Ltd never reached the intended recipient accounts and were never returned.

Additionally, at least seven clients said that Deal provided fraudulent bank transfer remittance receipts showing funds transfers that, in reality, never took place.

On 6 September 2019, the Secretary of State accepted a 12-year disqualification undertaking from Deal. Effective from 27 September, he is not able, directly or indirectly, to be involved in the promotion, formation or management of a company.

David Brooks, chief investigator for the Insolvency Service, said: “Frank Deal’s clients expected a level of risk when making their investments but did not expect that risk to come from the company’s director. Many lost tens of thousands of pounds as a result of Frank Deal’s conduct.

“This ban will prevent him from causing further financial harm for a significant period, and serves as a reminder to other directors that this conduct will not be tolerated.”

A disqualification order means the named person cannot be a director of a company, act as if they were a director, or get other people to manage a company under their instructions. Contravening the order is a criminal offence and could result in a fine, prison sentence or further disqualification.