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News
Failed wine investment firm owes £400k
A wine investment director who didn’t purchase any wine on behalf of his clients, duping them out of £400,000, has been banned from running a company for 11 years.
Jonothan Piper, a director of Embassy Wine UK, also purchased wine from customers which he failed to pay for, and charged fees to customers for services that weren’t provided.
His disqualification from 17 November 2015 means that he cannot promote, manage, or be a director of a limited company until 2026.
Embassy was wound up after an investigation by the Insolvency Service, and further probes showed that the company intentionally sought to con investors out of their savings.
Its customers are owed at least £382,167, the Insolvency service said in a statement, but the amount may be much higher as the company didn’t keep adequate records.
The investigation uncovered that Embassy operated between 28 June 2011 and 3 December 2014, but at the date of the winding up order, the company had no known assets.
No others were named in the disqualification order.