{"id":68227,"date":"2016-03-04T16:48:35","date_gmt":"2016-03-04T16:48:35","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=6f6bbb16556e91adfee79555eabe6940"},"modified":"2016-03-04T16:48:35","modified_gmt":"2016-03-04T16:48:35","slug":"press-release-director-of-investment-company-banned-for-11-years","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=68227","title":{"rendered":"Press release: Director of investment company banned for 11 years"},"content":{"rendered":"
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Mr Bartlett has given an undertaking to the Secretary of State for Business, Innovation & Skills to be disqualified as a director for a period of 11 years for selling carbon credits as an investment on the basis they would increase in value, when such investments were wholly unsuitable<\/p>\n

The disqualification regime exists to protect the public and as such, Mr Bartlett\u2019s disqualification from 11 March 2016 means he cannot promote, manage, or be a director of a limited company until 2027. <\/p>\n

This disqualification follows investigation by the Official Receiver at the Public Interest Unit, a specialist team of the Insolvency Service, whose involvement commenced with the winding up of the company in the public interest following an investigation by Company Investigations, also part of the Insolvency Service, into the affairs of the company. <\/p>\n

The Official Receiver\u2019s investigation uncovered that between June and October 2012, WCL cold called members of the public to sell them carbon credits charging around two and a half to nearly three times the price it had paid its supplier for the carbon credits. WCL made sales totalling \u00a3273,000 and achieved an estimated gross profit of at least \u00a3175,000.<\/p>\n

As early as 2010, it was apparent that HM Revenue & Customs, the Financial Conduct Authority, the Registries and the carbon credit market\u2019s own self-regulating authorities considered that there was no viable exit strategy for the carbon credits sold by WCL at the time and that, even if there was, members of the public had no access to it. Even if there was a viable exit strategy, the price WCL was charging for the carbon credits meant that the carbon credits could not be sold without financial loss.<\/p>\n

Commenting on this case Paul Titherington, Official Receiver in the Public Interest Unit, said: <\/p>\n

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Mr Bartlett should have known that the carbon credits his company was selling were wholly unsuitable as an investment, particularly at the price his company charged. Anyone showing such blatant disregard for commercial morality should expect to be banned from running any limited company for a lengthy period time.<\/p>\n

The Insolvency Service will pursue those who misuse companies to deprive members of the public of their hard earned money.<\/p>\n<\/blockquote>\n

Notes to editors<\/h2>\n

Wealth Capital Limited (CRO No. 08088672 ) was incorporated on 30 May 2012 and was based at Tower Bridge Business Centre, 46-48 Smithfield, London E1W 1AW.<\/p>\n

The company was ordered into compulsory liquidation on 1 May 2014, following a petition presented by the Insolvency Service on behalf of the Secretary of State for Business, Innovation & Skills.<\/p>\n

Darren Bartlett is of Southend-on-Sea and his date of birth is 2 May 1973. <\/p>\n

A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot:<\/p>\n