Steven Douglas Newman, the director of a company that offered a bogus cash back scheme to customers purchasing solar panels has been disqualified for nine years for the false claims made by the company, following an investigation by the Insolvency Service.
Mr Newman (55), of Tamworth, Staffordshire, a director of PV Solar Direct Ltd (PV Solar), has given a disqualification undertaking to the Secretary of State for Business, Innovation and Skills (BIS) not act as director of a limited company until January 2023.
Commenting on the disqualification, Ken Beasley, Official Receiver of the Insolvency Services Public Interest Unit, said:
Mr Newman was responsible for P V Solar misleading its customers with false claims that cash back was guaranteed. Such actions undermine legitimate and honest businesses.
The disqualification demonstrates that The Insolvency Service will use its enforcement powers to remove those responsible for dishonest behaviour from the market place.
The investigation found that the company promised customers a cash back guarantee on the full cost of their solar panels, falsely claiming that the scheme was backed by a large international finance institution. The reality was there was no backing of any sort for the scheme. In addition, investigators found that the cash back certificates held by customers were worthless and that PV Solar had no way of meeting the cash back payments.
PV Solar went into Voluntary Liquidation on 29 November 2012 owing creditors and shareholders 282,997. Customers are owed at least 186,602.