The Financial Conduct Authority has successfully made applications to the UK court for the bankruptcy of three individuals involved in an unauthorised share scheme.
The orders were made against:
- Lee Skinner on 4 February 2021;
- Tyrone Miller on 23 March 2021; and,
- Clive Mongelard, also known as Clive Harris, on 6 April 2021.
A fourth application was made against Karen Ferreira, but she is seeking to appeal the judgement against her and, as a result, enforcement has been suspended.
The Official Receiver will investigate the financial affairs of the bankrupts and administer their estates, the FCA said.
Timeline
In May 2020, the high court ordered Skinner and Ferreira’s marketing company, Our Price Records, to reimburse £3.6m ($5m, €4.1m) to 259 investors, but the FCA said they failed to comply with the order.
The firm promoted other companies’ products through its website for a 50% commission.
But after failing to secure investments from high net worth and sophisticated investors through an FCA-regulated firm, it turned to retail clients to raise funds via share offerings.
These products were promoted through unauthorised marketing agents – namely Mongelard, Miller and Venor Associated Ltd, who operated under the name Gemini.
The investments were secured under false pretences and breached financial regulations.
In December 2020, Skinner and Ferreira were banned by the Insolvency Service for 10 and seven years, respectively.
