Louis Stanley Spragg

Findings — machine-extracted (anthropic-batch:claude-opus-4-8); verify against the decision

Louis Stanley Spragg, sole principal of Louis Spragg & Co, faced 18 allegations arising from a forensic investigation revealing a minimum client account shortage of £85,295.19, 24 unallocated transfers (£34,507.71) to office account, an incorrect £12,600 stamp duty transfer, and an unexplained £38,187.48. The Tribunal found all allegations proved, including express findings of dishonesty under Twinsectra on four allegations (1.1, 1.7, 1.9, 1.13), particularly for using client money for office/tax purposes and allowing a substantial unexplained shortage. The Respondent did not attend due to ill health and was bankrupt. He was struck off the Roll and ordered to pay costs of £15,297.

Duties found breached:

• Accounting records, reconciliation and reports
• Act in the client's best interests
• Cooperate openly with regulators
• Diligence and timeliness
• Firm governance, systems and compliance
• Handle inadvertently received material
• Honesty
• Integrity
• No baseless or threatened misconduct report
• No improper use of client money
• Non-discriminatory acceptance and cab-rank
• Not misrepresent regulated status
• Uphold public trust in the profession

Aggravating factors:

• Minimum cash shortage of £85,295.19 on client account, not repaid
• Use of client money to pay Firm's tax liabilities (PAYE/NI) and office purposes
• 24 unallocated transfers from client to office account totalling £34,507.71
• Misleading reconciliation statement using a reversed Aviva payment to disguise shortage
• Conduct caused losses to clients which fell on the profession
• Failure to provide explanations during investigation

Mitigating factors:

• No previous disciplinary findings
• Previously good complaints, claims and accounting record
• Positive character evidence from Mr Burch (decent, meticulous gentleman)
• Expression of shame and apology to clients
• Ill health