Jailed fraudster has bankruptcy restrictions extended

Jason Marc Shifrin, previously jailed for a total of five years for several fraud offences, is facing further restrictions after he accepted a nine-year Bankruptcy Restrictions Undertaking following his third bankruptcy.

Mr Shifrin was a jeweller who primarily sourced jewellery and high-end luxury watches for clients, acting as their agent, and he also offered jewellery-based investment opportunities.

He was made bankrupt at his own request in September 2017, with debts of almost £430,000. This was his third bankruptcy, however, with the first occurring in 2005 and the second in 2013.

While managing the third bankruptcy proceedings, the Official Receiver received complaints from three creditors who, between them, were owed over £215,000. These complaints raised concerns about the nature of Mr Shifrin’s investments.

In the case of one creditor, it emerged that, in April 2015, Mr Shifrin had approached them using a false name, Jason Shipman. The approach happened less than 12 months after he was discharged from a previous bankruptcy.

He offered an investment opportunity: a 10-day loan of £93,500 that would be used to purchase two high-end watches to be sold on. Once that sale went through, the money would be returned to the claimant with interest.

But the money was never repaid, and it wasn’t used for the stated purpose. Rather, Mr Shifrin spent the money on his family, a car and a luxury family holiday, among other things.

Mr Shifrin was eventually jailed for fraud-related offences for a total of five years and four months.

“Jason Shifrin is a serial fraudster who has abused both his victims and the bankruptcy regime. The substantial extended restrictions we have secured reflect the severity of his misconduct and will help protect future creditors from his actions,” Orlanda Underdown, deputy official receiver for the Insolvency Service, said.

On 25 October 2019, the Secretary of State accepted a nine-year bankruptcy restrictions undertaking from Mr Shifrin. Effective from that date, he cannot be involved, directly or indirectly, in the formation, promotion or management of a company without the permission of the court.