Bude Director Jailed for £300k Covid Loan Fraud
Local Director Sentenced for Systematic Covid Loan Fraud
A prominent Bude businessman has been imprisoned for three years after a deliberate scheme to misappropriate nearly £300,000 in government Covid support funding. Steven Brookes, 40, of Victoria Road, systematically defrauded six Bounce Back Loans between May and October 2020—funds specifically designed to help struggling businesses survive the pandemic shutdown.
At Southwark Crown Court, the judge described Brookes’ conduct as “calculated and greedy,” highlighting the severity of his actions. What makes this case particularly troubling for our community is the brazenness of the deception. Brookes wasn’t simply struggling and made poor choices—he weaponised his wife’s identity, submitting loan applications in her name without her knowledge or consent, all while operating under a decade-long director ban.
The Insolvency Service investigation revealed a pattern of deliberate rule-breaking rarely seen in pandemic fraud cases. He inflated company turnover figures, submitted duplicate applications for the same business, and opened fraudulent bank accounts. This wasn’t a momentary lapse in judgment but coordinated financial crime targeting taxpayer support meant for genuine hardship.
How Local Businesses and Families Were Impacted
The specific ways Brookes squandered these community resources reveal the calculated nature of his fraud. Rather than reinvesting in his five companies to protect local jobs and the economy, he funnelled money into personal luxury. Court records show spending at high-end retailers like Jo Malone perfumery (£640), Boux Avenue lingerie stores, and florists. Larger sums went toward a Disneyland family holiday, a Tenerife rental property vacation, and an Audi with personalised number plates for his wife.
Perhaps most troubling to many in our community: £7,000 in private school fees for his daughter at an independent Devon boarding school. This money was extracted from the very support scheme meant to protect local jobs and small business survival. While legitimate Bude businesses struggled through lockdowns, Brookes treated pandemic assistance as a personal bank account.
His wife was also victimised, unknowingly named on applications and bank accounts without her consent. This added layer of deception reveals how Brookes exploited his closest relationships to facilitate the fraud. The Insolvency Service noted this wasn’t an isolated mistake—he “broke almost every rule going” with systematic precision.
What This Means for North Cornwall and What Happens Next
Brookes’ conviction sends a clear message that pandemic fraud will be prosecuted relentlessly, but it also highlights vulnerabilities in support systems that genuine businesses depend on. For those planning trips to visit Newquay or exploring dog friendly accommodation and attractions like dog on beaches at Fistral Beach, this case reminds us that financial crime has real community consequences.
The Insolvency Service has committed to pursuing Covid fraudsters across the country, and Brookes now faces a 10-year director ban—doubled from his previous disqualification he ignored. However, the broader lesson for our community is sobering: millions in taxpayer-funded support were distributed rapidly during crisis, and some exploited that urgency.
Local residents should report suspected fraud to the Insolvency Service or the National Crime Agency. For business owners, this case underscores the importance of transparent financial practices and proper governance. The investigation that caught Brookes took months of detailed accounting work—resources that could have prevented fraud through better initial verification. As we rebuild post-pandemic, both businesses and government agencies must remain vigilant to protect community resources for those genuinely in need.
Source: ‘Greedy’ businessman used Covid loans to fund a life of ‘luxury’
