Freeman signed a six-year Bankruptcy Restriction Undertaking after he borrowed £31,233 from friends and persuaded them to guarantee loans totalling £10,000 between October 2015 and February 2020.
In August 2020, he filed for bankruptcy, owing almost £68,000. As a result the Insolvency Service started an investigation into his spending.
The investigation found that between September 2018 and February 2020, he used a total of £39,579 taken from his friends to fund his gambling habit.
The restrictions meant that, effective immediately, Freeman would not be allowed to borrow more than £500 without disclosing his bankrupt status and cannot act as a company director without the court’s permission.
Kevin Read, official receiver at the Insolvency Service, said: “Levi Freeman used his friends’ concern, telling them he was struggling with living expenses, and then cynically used the money to fund his gambling. He made minimal efforts to repay those who tried to help him and instead left one liable for £10,000 in loans as well as the loss of their savings.
“We will take firm action against individuals who make false representations to encourage people to lend them funds which are then cynically misused, as this case shows.”