Currently imprisoned on fraud offences relating to Ponzi fraud BlackfortFX, Lance Jack Ryan is now banned for life from managing a company. David Blake, his sometime associate now on parole following multiple convictions for managing companies whilst prohibited, is prohibited from managing companies for the next twelve years.
Ryan’s present prison term followed his orchestration of a Ponzi scheme masquerading as a foreign exchange operation known as BlackfortFX. He was bankrupt at the time. The Ponzi scheme netted about $8.4 million. Victims are likely to get back little over thirty cents in the dollar. Back in 2005, Ryan was sentenced to three years imprisonment for benefit fraud; collecting some $100,000, using the name Thompson. He has multiple convictions for running a business whilst disqualified. He has been bankrupted, twice. When imposing a lifetime ban, Justice Venning said Ryan has been guilty of persistent and on-going dishonest behaviour showing an arrogant disregard for the law and for compliance obligations.
Blake has been bankrupted, three times; the first in 1992. There is no record of any personal creditors receiving payment out of his bankruptcies. He has multiple convictions for managing businesses whilst prohibited: recruitment franchisor EVP New Zealand Ltd (which went into liquidation owing creditors $286,900); Hygiene Foundation Ltd (owing $700,900 on liquidation); and Q Technology Ltd ($618,500). Blake describes his expertise as being in sales and sales management. He joined with Ryan in operation of Hygiene Foundation and Q Technology. Ryan’s involvement was described in the High Court as that of ‘enforcer’. Imposing an extended twelve year ban on Blake, Justice Venning said compared with Ryan the sums lost were not at the extreme end and Blake had not been convicted of dishonesty.
The High Court was told Companies Office gets about one thousand complaints a year demanding specific individuals be banned as directors. Of those complaints, about twenty result in prosecution.
Registrar of Companies v. Blake & Ryan – High Court (3.04.19)
19.072