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12-year disqualification for director, after investment company fails to supply diamonds (20 September 2016)

Date: 20/09/2016
Duncan Lewis, Immigration Solicitors, 12-year disqualification for director, after investment company fails to supply diamonds

The director of a coloured diamonds investments company has been disqualified for 12 years, after the company failed to supply any diamonds to investors.

An Insolvency Service investigation found that, between April 2013 and May 2014, investors paid Solitaire almost £750,000 in total for diamonds, but none of them received any stones in return for their money.

Gary Anthony Arnold, 30, from London was disqualified following investigation by the Official Receiver at Public Interest Unit – a specialist team of the Insolvency Service.

The Official Receiver’s involvement commenced with the winding up of the company in the public interest, after the affairs of Solitaire were investigated.

Because of the lack of company records, the Official Receiver has only been able to identify a small number of the investors who lost money to the company – any other victims should contact the Official Receiver

Tony Hannon, Official Receiver at Public Interest Unit, said:

“Over the years, the Official Receiver has had to deal with many cases where members of the public are ‘cold called’ by companies offering ‘alternative investment’ opportunities – and claiming unrealistically high rates of return.

“Many such schemes have been run principally for the benefit of those running the company – always at the expense of the investors, who have paid substantial sums for things of very little value.

“In extreme cases such as Solitaire, the company has been so reckless that it has just taken the investors’ money for nothing at all in return.

“Members of the public should exercise extreme caution if they are called out of the blue about such schemes – always remember that, if an investment opportunity appears too good to be true, it probably is.”

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 across England and Wales – and a Duncan Lewis business crime solicitor can advise at the start of an investigation, 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.


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