X

Cookies

Continue We want you to get the most out of using this website, which is why we and our partners use cookies. By continuing to use this site, you are agreeing to receive these cookies. You can find out more about how we use cookies here.

Thursday, 23 October 2014

Subscriptions  |  evouchers  |  Jobs  |  Property  |  Motors  |  Travel  |  Dating  |  Family Notices

Ban for directors of Carlisle-based finance business

Three bosses of a financial investment company based near Carlisle have been banned from acting as directors following misuse of pension funds.

The trio, including David Frederick Taylor, 69, of Pinecroft, off Kingstown Road, Carlisle, were disqualified for a total of 28 years.

The Insolvency Service said the bans were for making unauthorised investments from client pension funds and inappropriate investments on behalf of customers.

Officials said investors lost “significant sums of money”.

The announcement follows an investigation by the Insolvency Service after Quintillion Asset Management Ltd went into liquidation in 2012.

It was registered at Warwick Mill Business Park, Warwick Bridge, near Carlisle and provided financial investment advice.

Taylor gave an undertaking not to act as a director for six years.

The other directors were Anton David Taylor, 46, of London and Simon Mark Silva-Peake, 41, of Essex. They gave undertakings not to act as directors for 11 years each.

Ken Beasley, of the Insolvency Service’s public interest unit, said: “Investors who believed that the company was providing professional investment advice to safeguard their pensions have lost significant sums of money.

“The company’s actions in making high-risk investments against the wishes of clients was unacceptable and the directors bear that responsibility. By failing to preserve the company’s accounting records the directors also showed a fundamental disregard for their duties as directors of a limited company.

“The disqualifications demonstrate that the Insolvency Service will use its enforcement powers.”

Investigators found that the disqualified directors were responsible for transferring pension funds of at least £659,270 in breach of agreements with clients.

A further £2 million was transferred from client funds to investment schemes that were inappropriate to client risk profiles.

All three directors gave undertakings preventing them from becoming directly or indirectly involved in the promotion, formation or management of a limited company for the duration of their bans.

Quintillion had liabilities of more than £2.4m when it was compulsorily wound up earlier this month.

Have you been a victim of these dodgy directors? Call the newsdesk on 01228 612693 or email news@cumbrian-newspapers.co.uk

SHARE THIS ARTICLE

News & Star What's On search





Vote

How important are buses in this day and age anyway...?

If public transport is the future - why do councils insist on killing it off?

Very - for economy, environment and to prevent rural isolation.

They're not. Most people have cars.

Show Result

Hot jobs
Scan for our iPhone and Android apps
Search for:
NEWS & STAR ON: