Kevin Woolgar, a former membership designer, sourcing agent and business consultant for Lynx Golf, has been ordered to repay the UK-based golf tools firm $4m after being discovered by the Excessive Court docket to have benefitted from thousands and thousands of kilos of deceitfully-obtained secret commissions.
As reported in GBN on July 28, Woolgar, from East Sussex, started working as a business consultant for Lynx in 2011, and was entrusted by the model to design bespoke golf golf equipment, supply golf merchandise from producers in China, and negotiate costs. Nonetheless, unbeknown to Lynx, Woolgar agreed costs with factories in China earlier than inflating them within the invoices he subsequently offered to Lynx and pocketing the key commissions he revamped a 12-year interval.
In an indictment launched on July 22, the Excessive Court docket in London discovered that this enabled Woolgar to learn from hidden commissions starting from 5-75% of the actual manufacturing facility value of the products. In whole, the Court docket decided that 25% of over $8m paid by Lynx Golf to Woolgar amounted to improper secret commissions and have to be repaid to Lynx.
The Excessive Court docket’s subsequent monetary judgement, introduced on August 6, made Woolgar accountable for a internet reimbursement to Lynx of just about $4 million as soon as pre-judgement curiosity was taken under consideration, with these sums persevering with to draw curiosity till the debt is happy.
A press release issued on behalf Lynx Golf’s co-owners Stephanie Zinser and Steve Elford, stated: “The price of Mr Woolgar’s deceit to our firm has been important each in monetary and private phrases, and it is extremely gratifying that the Excessive Court docket recognises each this, and the continued obligations that Mr Woolgar now has to rectify his fraud, in addition to to offer us with the knowledge we require, to see what has turn out to be of our cash.
“Fraud in opposition to an organization isn’t a anonymous, faceless act. We’re actual individuals, working arduous to create a profitable enterprise with completely happy and dependable prospects, and Woolgar’s actions not solely set us again on our journey, however made issues an terrible lot tougher than they need to have been to get the place we already are. Mr Woolgar now must – lastly – do the fitting factor and put proper the massive wrongs he has dedicated in opposition to us.”
