Joseph Rowland has been disqualified from acting as a director for 13 years following an Insolvency Service investigation.
Joseph Rowland, 36, a company director from Wickford, Essex has been disqualified from acting as a director for 13 years.
Following an investigation by the Insolvency Service, Mr Rowland gave an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company until May 2029.
The investigation found that Mr Rowland had caused Vincent Clare Limited to market and sell Rare Earth Metals as an investment opportunity to members of the public on the basis that they would increase in value and be sold for a profit in the future when Mr Rowland knew, or ought to have known, that they could not. As a result members of the public have lost at least 142,931.
Mr Rowland also failed to maintain, preserve and/or deliver up sufficient accounting records to explain Vincent Clares dealings with the result that sales and purchases made by the company cannot be explained and it is not possible to determine the true financial position of Vincent Clare and total loss to members of the public.
Gemma Game, Deputy Head of Investigations, stated:
The director abused his position by taking money from individuals for investments he knew were not viable. This behaviour is compounded by the failure to deliver records which would assist in identifying other investors, or potentially recoverable assets. The Insolvency Service will always look to remove from the business community, those directors who act below the standards that should be expected of them.