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13 year ban for financial advisor who misled investors 15 August 2014

A London-based director and financial advisor has been disqualified for 13 years for misleading investors.

Peter Carron of Primrose Associates Limited, Comment Technologies Limited and Evaluate Technologies Limited was disqualified at the High Court following an investigation by the Insolvency Service.

Carron was found to have misled investors in Primrose and Comment, claiming capital was invested with little or no risk and that returns were “personally guaranteed”. Investments were actually paid into the two companies which were “hopelessly” insolvent, a situation which was not disclosed to investors.

By the time the companies failed, Primrose was found to have lost approximately 50 investors in excess of £7.4m.

The accounts submitted to the FCA, Primrose’s regulator, showed the company to be solvent and viable, despite actual company accounts demonstrating the company to be insolvent.

Carron was also found to have caused Evaluate to trade to the detriment of HMRC by not paying PAYE & NIC in excess of £750,000 against which no payment had been made over Evaluate’s entire trading period.

In his Judgment, HHJ Pelling QC said: “The allegations I have found proved shows that he is willing to mislead his regulator, HMRC, and those who to his knowledge are relying on him for guidance.

“Such a person is manifestly unfit to be a director of a company since it is plain that the public are exposed to the risk of loss as a result of such misconduct”.

 

 

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