Law360, London (June 9, 2021, 12:08 PM BST) — A property developer has been banned from acting as a director in the U.K. for 14 years after his company took £13 million ($18.4 million) of investors’ money to operate a Ponzi scheme, a government agency has said.

The Insolvency Service said on Tuesday that the Business Secretary has accepted a disqualification undertaking by Mitchell Mallin, who did not dispute that he allowed his company, Essex and London Properties Ltd., to trade with a lack of commercial probity. He has been banned from forming or managing a company for 14 years.

Mallin, from the southeast English county of Essex, was a…

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