Swansea man Daniel King jailed over £50K underwear fraud
A man who set up a company to sell men's designer underwear as a front to steal more than £50,000 from taxpayers has been jailed.
Daniel King, 37, of Swansea, set up his company D-briefed in October 2013 and told HM Revenue and Customs he intended to re-sell underwear from China.
HMRC said he admitted making up the figures for 10 fraudulent VAT claims, totalling more than £57,564.
He was jailed for two years and three months at Swansea Crown Court.
In a statement from HMRC, the court heard King told investigators he planned on importing the underwear from China to re-sell over the internet.
But he could not produce any documents proving he intended to trade, and the court heard his business was set up simply to conceal his tax fraud.
The fraudulent VAT claims were made between December 2013 and March 2016.
'Abused the system'
According to HMRC's statement, Recorder Peter Griffiths QC told him: "I am satisfied that you went into this with your eyes wide open and that you knew full well you were acting fraudulently.
"You have gained financially, dishonestly and deliberately and it would be an affront to the public if you were not immediately deprived of your liberty."
King was also ordered to pay £670 as well as a £120 victim surcharge.
Colin Spinks, assistant director of HMRC's Fraud Investigation Service, said afterwards: "King blatantly abused the tax system by setting up a company for the sole purpose of stealing money that should have funded public services.
The HMRC are now "working to recover the money he stole."