First Choice Properties MGT Ltd, a London property investment company has been ordered into liquidation in the public interest following an investigation by the Insolvency Service.
The investigation found that the company had cold called unsuspecting members of the public promoting the purchase of plots of land in Brazil, Cyprus, Egypt and Thailand as investment opportunities. The company targeted vulnerable and unsuspecting individuals using high pressure sales tactics.
The companys former website, www.firtschoiceinproperties.com promised to bring the overseas property market to the doorstep of both new and experienced UK investors with the company boasting 50 years of experience in international land and property enabling it to pin point the best investment opportunities and to make valuable real estate a reality for individuals disappointed with the performance of the stock market.
Members of the public are understood to have invested overall at least 63,000 and possibly up to a total of 840,000 with the company.
The companys only presence in the UK was through a serviced office address and its sole director is resident in Costa Rica and has not responded to the investigation.
Welcoming the courts winding up decision Chris Mayhew, Company Investigations Supervisor, said:
Vulnerable people, not valuable land, were pin pointed by this company and they were callously duped into investing by its cold calling investment sharks.
One elderly investor in Fife was repeatedly contacted with extravagant claims such as: can you hear that noise its the trading floor, its red hot in order to persuade him to invest.
We work closely with other regulators to protect the interests of the public against unscrupulous operators and I would like to thank Trading Standards in Fife who have provided the investigation with valuable assistance in bringing this companys activities to an end.
If any investor has had the misfortune to be contacted by this company the Official Receiver now appointed to wind up its affairs will be glad to receive details of its dealings with you.
The Insolvency Service will investigate abuses and close down companies if they are found to be operating against the public interest.