Boatbuilder Faces Jail for Fraud Andtheftof Euro-Cash
Byline: By Robin Turner Western Mail
The husband of one of Wales' best known business and enterprise experts faces jail after being found guilty yesterday of fraudulent trading and stealing a pounds 135,000 European Union grant. West Wales boatbuilder Don Fuller-Love, 56, was convicted by a Swansea Crown Court jury of fraudulently continuing to trade knowing his yacht business Steel Kit Ltd had no hope of paying off hundreds of thousands of pounds owed to creditors. And the jury also found that Fuller-Love pocketed a pounds 135,000 Euro grant intended to fund research into the futuristic Shark project, a scheme he dreamed up himself aimed at having boats designed by laser. But when the money was released to him he did not hand it over as contracted to his research partner, the University of Wales, Newport, which was eventually forced to pull out of the scheme due to lack of money. Fuller-Love is the husband of Aberystwyth University based entrepreneurship lecturer Nerys Fuller-Love, 48. She has regularly appeared on TV and radio in Wales talking on business and enterprise. She was also once a member of the Economic Development Panel for the Welsh Assembly Government which helped plan economic policy in West Wales. During the six-week trial at Swansea Crown Court, Nerys Fuller-Love was cleared by the jury of a single charge of aiding and abetting her husband in fraudulent trading involving Steel Kit Ltd. A company secretary with the firm, she had denied the one charge against her.
Her husband had denied the four charges of fraudulent trading and stealing the grant.
After the guilty verdicts against him yesterday (all 10-1 majority verdicts from the 11-strong jury), trial judge Eleri Rees adjourned sentencing until a later date granting Don Fuller-Love bail.
She made it clear she was considering a possible custodial sentence.
The Fuller-Loves, of Llangwyrfon, Aberystwyth, were accused during the trial of running up huge debts while trading, regardless of the interests of creditors. …