Travel agent jailed for currency fraud

A north Wales travel agent who made up bogus clients so that he could obtain £450,000 in foreign currency has been jailed for two years.

Francis Yong, 60 - who admitted his guilt - was also banned from being involved in business transactions for 10 years.

Chester Crown Court was told that Yong created the phantom customers in order to get hold of the cash, which he would then change into sterling.

Bank clerk Melanie Rees invented seven phantom account holders

The case was heard just a day after 30-year-old Carmarthenshire bank clerk Melanie Rees was jailed for four years for a £290,000 fraud which involved creating non-existent account holders to gain access to thousands of pounds in loans.

At the time of her arrest, police found a total of £17,000 stashed under her bed.

The money was used to fund an 18-month spending spree which culminated in a round-the-world trip.

During Yong's trial, the court heard that his aim had been to keep up cash flow for Mona Travel, the company he had recently taken over.

He took over the firm - which had offices Holyhead and Amlwch - in 1997, but the business went bust after only five months and was taken into liquidation.

Yong pleaded guilty to fraudulent trading.

As well as being jailed, he was disqualified from having dealings with a company for a period of 10 years.

According to the prosecution, £170,000 had been lost, £60,000 by Mona Travel, and £110,000 by Thomas Cook.

The court was told that Yong ordered foreign cash over the phone from his home in Barnet, Hertfordshire.