London-based diamond investment company ordered into liquidation

Gem Diamonds 2

Heritage FA Limited, which marketed and sold coloured diamonds and other commodities to the public for investment, has been ordered into liquidation following a petition presented by the Secretary of State for Business, Innovation and Skills.

The petition was issued following confidential enquiries carried out by Company Investigations, part of the Insolvency Service, under section 447 of the Companies Act 1985.

The investigation found that vulnerable and elderly individuals were being targeted and aggressively sold investments in fancy coloured diamonds, rough diamonds, gold, fine art and oil wells.

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It was discovered that at least £7 million was raised from investors generating commission of over £2.5 million before the company was forcibly closed.

Chris Mayhew, supervisor at Company Investigations, said: “This company promised safe and spectacular investment returns but simply delivered a hole in the pocket for investors. The Insolvency Service will continue to take robust action whenever serious failings are discovered and in particular against contemptible companies as here preying on vulnerable investors.”

The company’s misdemeanors were first reported in January 2016 by Professional Jeweller, when it was placed into provisional liquidation by the High Court.

 

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