The director of a company which sold alternative investments has been disqualified for 14 years, following an investigation by the Official Receiver at the Public Interest Unit – a specialist team of the Insolvency Service, whose involvement began with the winding up of the company Windward Capital Limited in the public interest.
The Official Receiver’s investigation uncovered that, between 2012 and 2014, the company made sales of approximately £500,000 by cold calling members of the public to sell them Rare Earth Metals (REMs).
However, the REMs sold by Windward to members of the public were unsuitable as an investment, as there was no market for REMs without industry certification and in the quantities sold by NFA.
Charles Amaning – a director of Windward Capital Limited, which traded from 50 Broadway, London SW1 – gave an undertaking to the Secretary of State for Business, Innovation & Skills to be disqualified as a director for a period of 14 years.
The Official Receiver in the Public Interest Unit, Paul Titherington, said:
“Mr Amaning should have known that the Rare Earth Metals the company was selling were wholly unsuitable as an investment – particularly given the absence of a marketplace where investors could sell their Rare Earth Metals.
“The Insolvency Service will pursue delinquent directors who mislead honest members of the public so as to part them from their savings.”
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