Investors’ funds were to be used to place bets on the outcome of football matches using an AI algorithm.
But an Insolvency Service investigation found no evidence that the company was actually betting on football matches in that period.
Bentley Global also had no known source of trading income at that time, having suffered losses of more than £5 million by August 2019 and £4 million by August 2018.
Bentley, 63, of Ongar Road in Kelvedon Hatch, has now been banned from being a company director for 11 years.
Kevin Read, Chief Investigator at the Insolvency Service, said: “Alan Bentley’s company secured more than £1.5 million from hundreds of investors under a bond investment scheme during a nine-month period in 2019 and 2020 when there was no evidence of any trading.
“Bentley knew the company had made huge losses and was unable to pay its debts. His company had no reasonable prospect of being able to repay the investments and interest payments under the bond scheme because of its dire financial position.
“Directors have a responsibility to be honest and transparent with investors, especially when handling their money. This case sends a clear message that those who abuse their position and mislead investors will not be able to continue to act as company directors.”
Alan’s brother, Brian Bentley, 62, of Anchorage Lane in Doncaster, was also disqualified from being a company director last year for his role in the same company.
He will be disqualified until April 2030.
Bentley Global owed £10.065 million to investors when it went into administration in May 2022.
