Britain’s Got Talent semi-finalist Liam James Collins, and his business partner and fellow street dancer David Bone, have each received 14-year bankruptcy restrictions.
The restrictions, which also disqualify them from being directors, started on 25 July 2013, were handed down for misleading people into investing in a property scheme that never materialised.
Both Collins and Bone each owed over £4.5m to creditors.
Ken Beasley of The Insolvency Service’s Public Interest Unit said: “At a time when they were already heavily indebted Collins and Bone took substantial sums of money from members of the public with the promise of high returns on property investments with no reasonable expectation that they would ever be able to meet the repayments promised to investors.”
The investigation found that from January 2010 to April 2011, Collins, who danced on the TV show as one half of the act “Faces of Disco” and his cousin, Bone, took £874,000 from investors promising returns of between eight and ten per cent, but instead used the funds to pay business expenses.
At the time, the two dancers already owed over £3 million to creditors following the failure of a similar property business.
Between November 2010 and April 2011, they also took a further £187,500 from the public, despite being warned not to do so by the Financial Conduct Authority.