Crime Solicitors

The director of a company which offered “unsound” investment advice to clients has been disqualified for 13 years, after an investigation by the Insolvency Service.

Joseph Rowland, 36, from Wickford in Essex was director of Vincent Clare Limited, which sold Rare Earth Metals (REMs) to the public on the basis that they would increase in value and be sold for a profit in the future.

The Insolvency Service found that Rowland knew – or ought to have known – that REMs could not be re-sold, as it is thought that there is no viable re-sale market for small investors.

As a result, it is estimated that members of the public lost at least £142,931.

The Insolvency Service investigation also found that Rowland had also failed to maintain, preserve and/or deliver up sufficient accounting records to explain Vincent Clare Limited’s dealings – with the result that sales and purchases made by the company could not be explained and it was not possible to determine the true financial position of the company and total losses to members of the public.

Deputy Head of Investigations at the Insolvency Service, Gemma Game, said:

“The director abused his position by taking money from individuals for investments he knew were not viable.

“This behaviour is compounded by the failure to deliver records, which would assist in identifying other investors, or potentially recoverable assets.

“The Insolvency Service will always look to remove from the business community, those directors who act below the standards that should be expected of them.”

Following the investigation by the Insolvency Service, Rowland gave an undertaking to the Secretary of State for Business, Innovation and Skills that he would not act as a director of a limited company until May 2029.

Disqualification undertakings are the administrative equivalent of a disqualification order – but do not involve court proceedings.

A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot act as a director of a company;
take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership; or be a receiver of a company’s property.

In addition, an individual cannot act as an insolvency practitioner – including
other restrictions placed on disqualified directors by other regulations.

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of a charge involving business offences, including investment fraud, false accounting, tax and VAT evasion, embezzlement, Ponzi schemes, pyramid schemes, IT crime and white collar crime.

There are Duncan Lewis offices nationwide and in most major cities – and a Duncan Lewis business crime solicitor can advise at the start of an investigation or before an investigation, or before charges are brought.

Our specialist business crime team can also liaise with investigating and prosecuting authorities, such as Insolvency Service, SFO, FCA, BIS, HMRC and City of London Police.

Duncan Lewis can also advise on Confiscation Orders under the Proceeds of Crime Act (POCA).

For expert legal advice on business offences, call Duncan Lewis business crime solicitors on 0333 772 0409.