A trio of directors who raided their client pension funds have been banned from acting as company directors for a collective total of 28 years.
Anton Taylor, Simon Silva-Peake and David Frederick, of financial investment advice and services firm Quintillion Asset Management Ltd, were banned for 11, 11, and six years respectively.
An investigation by the Insolvency Service found the trio made “unauthorised investments from client pension funds and inappropriate investments on behalf of clients, resulting in liabilities of over £2.4m”.
Quintillion Asset Management Ltd entered liquidation in 2012 with estimated liabilities of £2,482,944 and assets of £220,767, an estimated deficiency to creditors of £2,262,177.
The investigation found the directors had transferred pension funds of at least £659,270, breaching the terms of their client agreements. An additional £2m was taken from client funds and placed into investment schemes which were “inappropriate to client risk profiles”.
Ken Beasley, of the Insolvency Service’s Public Interest Unit said: “Investors who believed that the company was providing professional investment advice to safeguard their pensions have lost significant sums of money. The company’s actions in making high risk investments against the wishes of clients were unacceptable and the directors bear that responsibility.
“By failing to preserve the company’s accounting records the directors also showed a fundamental disregard for their duties as directors of a limited company.
“The disqualifications demonstrate that The Insolvency Service will use its enforcement powers to remove irresponsible and culpable directors from operating with the benefit of limited liability in the business environment.”