t: 01633 240080,  f: 01633 240081

24 Bridge Street, Newport NP20 4SF

Fine wine investment scam

Source: HM Government | | 24/10/2017

A recent investigation by the Insolvency Service has seen two directors of a company selling fine wines disqualified for a total of 20 years. Crimson Fine Wines Limited cold-called customers and offered them the opportunity to take part in fine wine investment scheme offering high returns over periods varying from 12 months to five years.

However, the investment scheme was no more than a scam as the company did not purchase or allocate wines to those who had paid for their investments. The company went into liquidation and there was insufficient wine held in the bonded warehouse to satisfy customers’ claims. The overall debts in the company after liquidation exceeded £1m.

The two company directors, one based in Canada and one in the UK were disqualified after the Secretary of State for Business Energy and Industrial Strategy accepted the disqualification undertakings. The disqualification means that the directors cannot promote, manage, or be a director of a limited company for 11 and 9 years respectively.

Commenting on this case Karen Jackson, Official Receiver in the Public Interest Unit, part of the Insolvency Service, said:

'One of the main purposes of the Company Directors Disqualification Act is to ensure proper standards of conduct of company directors are maintained and to raise those standards where appropriate. These disqualifications should serve as a reminder that the Insolvency Service will investigate unacceptable conduct by company directors. The Insolvency Service will take action against directors who do not take their obligations seriously and abuse their position.'



 

Latest News

  • Budget date remains to be confirmed

    17/09/2018 - More...

    The Chancellor Philip Hammond, has stated before the House of Lords Economic Affairs Committee, that he is not yet in a position to announce a date for the Autumn Budget 2018

  • Help-to-Save scheme launched

    17/09/2018 - More...

    The new Help to Save scheme for people on low incomes was officially opened with effect from 12 September 2018 following an 8-month trial. The new scheme allows those in work

  • CGT record keeping

    17/09/2018 - More...

    The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login


Copyright © 2018 Haasco Limited (Company registration 7030921). Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (Firm C003118150). Indemnity insurer - Axis Speciality Europe SE (Policy 374997016)

Cookie Policy | Privacy Policy