Daniel David Edgar has been disqualified as a director for 14 years for selling coloured diamonds as an investment at vastly inflated*prices.

Mr Edgar was a designated member of Reco Commodities LLP (Reco), a fraudulent investment company based in London which was wound up in the public interest by the High Court in 2015 following an investigation by the Insolvency Service. He has signed a disqualification undertaking which means he is disqualified from 15 March 2017 and cannot promote, manage, or be a director of a limited company until 2031.

An investigation by the Official Receiver uncovered that Reco telephoned individuals and sold them coloured diamonds on the basis that they were suitable as an investment. The company inflated the price of the diamonds by hundreds of percent meaning that they were not suitable as an investment. As a result customers are owed at least ?413,155.10.

Commenting on this case Anthony Hannon, Official Receiver in the Public Interest Unit, said:

The Insolvency Service will not hesitate to use its enforcement powers to investigate and disqualify directors whose companies defraud the public. This lengthy disqualification will protect the public and act as a deterrent to others.
Mr Edgar?s undertaking follows the earlier disqualification of Mark Francis Conney, a fellow member of the designated partnership.