Nicholas Lomax, a director of Wimbledon-based The Wine Shop UK (TWS) Ltd (TWS), a wine investment company has been disqualified as a director for 11 years for involving the company in a scheme to induce members of the public to invest in fine wines with no provision to supply the wine.
Nicholas Lomaxs disqualification from 11 November 2014 means that he cannot promote, manage, or be a director of a limited company until 2025.
The disqualification follows investigations by a specialist team of the Insolvency Service, whose involvement commenced with the winding up of the company, for debts owed to an investor in TWS.
The investigation uncovered that between 15 April 2011 and 29 October 2012, the company sold fine wines as an investment and provided receipts and confirmation of ownership documents to investors without actually purchasing the wines.
Commenting on this case Paul Titherington, Official Receiver in the Public Interest Unit, said:
The Wine Shop UK (TWS) Ltd was involved in a scheme to deprive investors of their savings by persuading them to invest in a scheme abusing the time differential involved in purchase and supply of de primeur fine wines. This allowed TWS to take investors money and not purchase the product.
The Insolvency Service will not hesitate to use its enforcement powers to investigate and disqualify directors whose companies defraud the public.
Mr Lomax was the sole de jure director of the company throughout the period of these trades.