{"id":68763,"date":"2016-03-18T15:01:00","date_gmt":"2016-03-18T15:01:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=da8f6cf16a8a350402d5d09b396a9613"},"modified":"2016-03-18T15:01:00","modified_gmt":"2016-03-18T15:01:00","slug":"press-release-london-diamond-investment-company-loses-its-seven-million-pound-sparkle","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=68763","title":{"rendered":"Press release: London diamond investment company loses its seven million pound sparkle"},"content":{"rendered":"
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The petition was issued following confidential enquiries carried out by Company Investigations, part of the Insolvency Service, under section 447 of the Companies Act 1985, as amended.<\/p>\n

The investigation found that vulnerable and elderly individuals were being targeted and aggressively sold investments in fancy coloured diamonds, rough diamonds, gold, fine art and oil wells.<\/p>\n

The company\u2019s sales team was located in prestigious office accommodation at 25 Canada Square in Canary Wharf.<\/p>\n

The company claimed that its services \u201crepresent excellent value\u201d and that for diamond trades it charged investors a \u201c1.5% arrangement commission\u201d. <\/p>\n

The investigation discovered that at least \u00a37 million was raised from investors generating commission of over \u00a32.5 million before the company was forcibly closed by the Insolvency Service\u2019s intervention. <\/p>\n

Chris Mayhew, Company Investigations Supervisor, said:<\/p>\n

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This company promised safe and spectacular investment returns but simply delivered a hole in the pocket for investors<\/p>\n<\/blockquote>\n

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There\u2019s only one thing to do with these bogus investment schemes, put them straight in the bin.<\/p>\n<\/blockquote>\n

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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.<\/p>\n<\/blockquote>\n

Notes to Editors:<\/h4>\n

Heritage FA Limited (company registration number 08499859) was incorporated on 23 April 2013 in the name Techrelevance Ltd. The name of the company was changed to its present style on 10 March 2014. The registered office was initially Suite B, 29 Harley Street, London, W1G 9QR until 16 April 2014, when it was changed to 33 FL 25 Canada Square, London, E18 5LB and, shortly afterwards, on 24 April 2014, further changed to 25 Canada Square, London, E14 5LB from 24 April 2014 to present date. <\/p>\n

The sole recorded officer of the company (apart from the company formation agents) has been John Henry Crowder who is shown to have been the director from 10 March 2014 to present date. The share capital of the company is shown to be \u00a3100 divided into 100 ordinary shares of \u00a31 each and all held by Mr Crowder. <\/p>\n

Unaudited accounts for the period from 23 April 2013 (the date of incorporation) to 30 April 2014 (some 8 weeks after the appointment of Mr Crowder) report turnover of \u00a3198,973, a loss of \u00a31,443, assets of \u00a3248,752 (debtors \u00a3241,874 and cash \u00a36,878) and liabilities (creditors) of \u00a3250,095. <\/p>\n

The company operated the following websites:<\/p>\n