High court shuts property investment
European Property Management Ltd based in Merseyside has been wound up by the high court.
The firm was found guilty of misleading investors over the benefits of investing, to induce them to purchase shares
The company was formed to secure and manage residential properties in European Capitals of Culture as they were announced.
Cold calling was used to attract potential investors and it is believed that up to 10 other companies may have been used. None of these businesses were authorised by the Financial Services Authority. They also made exaggerated and misleading claims about the benefits of investing in this way.
The Insolvency Service’s investigation also led to the winding-up in the High Court, of Corporate Business Angel Ltd, which was based in the Derby area.
The companies’ methods raised a total of £853,395 from private investors in the UK. From the sums raised, the company paid out commissions of £529,945 to the unauthorised entities, which amounted to 65% of funds raised, and as a consequence less than 30% of shareholders’ funds were used for purposes set out in the Company’s Information Memorandum.
Everyone should be wary of get rich quick schemes and the old adage applies: if it seems too good to be true, then it probably is.
European Property Management Ltd based in Merseyside has been wound up by the high court.
The firm was found guilty of misleading investors over the benefits of investing, to induce them to purchase shares.
The company was formed to secure and manage residential properties in European Capitals of Culture as they were announced.
Cold calling was used to attract potential investors and it is believed that up to 10 other companies may have been used. None of these businesses were authorised by the Financial Services Authority. They also made exaggerated and misleading claims about the benefits of investing in this way.
The Insolvency Service’s investigation also led to the winding-up in the High Court, of Corporate Business Angel Ltd, which was based in the Derby area.
The companies’ methods raised a total of £853,395 from private investors in the UK. From the sums raised, the company paid out commissions of £529,945 to the unauthorised entities, which amounted to 65% of funds raised, and as a consequence less than 30% of shareholders’ funds were used for purposes set out in the Company’s Information Memorandum.
Everyone should be wary of get rich quick schemes and the old adage applies: if it seems too good to be true, then it probably is.
Tags: mis sold mortgage, mortgage mis selling, property investment
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on Monday, June 14th, 2010 at 12:17 pm and is filed under Mortgage Brokers Fined.
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