Thu, 24 Mar 2016 | ADMINISTRATION
A petition from the Secretary of State for Business, Innovation and Skills has ordered a London-based diamond investment company into liquidation due to its aggressive sales tactics.
The petition was presented to Heritage FA Limited after confidential enquires by Company Investigations, part of the Insolvency Service, found several irregularities under section 447 of the Companies Act 1985, as amended.
The company, which was based in a prestigious London location at 25 Canada Square in Canary Wharf, was investigated for aggressive sales tactics. These included the targeting of vulnerable or elderly people, who were being pushed into buying coloured diamonds, rough diamonds, fine art, gold and oil wells as investments.
Heritage FA Limited claimed that it charged investors a “1.5 per cent commission” for diamond investment services and offered “excellent value”. However, the investigation confirmed that company representatives had raised in excess of £2.5 million from investments worth in the region of only £7 million.
The company was forcibly closed after the investigation, after originally being placed into provisional liquidation by the High Court in January 2016.
Chris Mayhew, a supervisor at Company Investigations, said: “This company promised safe and spectacular investment returns but simply delivered a hole in the pocket for investors.
“The Insolvency Service will continue to take robust action whenever serious failings are discovered and in particular against contemptible companies as here preying on vulnerable investors.”
For more information, see the latest businesses in liquidation, or how to profit from buying distressed businesses.
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