According to an investigation by the BBC the Somerset-based DebtDr has taken £600,000 of clients monies that was supposed to be protected and was to be offered to the clients' creditors as full and final settlement for a small fee. In many cases, clients borrowed the money to give to DebtDr to use in its negotiations with creditors.
Liquidators are investigating the company, which ceased trading in April.
Mr Hockley, who was previously made bankrupt ran DebtDr as the trading name of Hermes Financial Solutions Ltd.
The company closed down and Mr Hockley disappeared. However, it appears the BBC's "Inside Out" programme ( to be shown tonight 7.30pm BBC1 ) have tracked him down to a nightclub which he is helping to run.
The liquidator, Jon Law, told the BBC: "This investigation has now substantially completed and it is clear that around £600,000 of client money belonging to more than 80 clients of the company has been used improperly and is no longer held by the company."