View more on these topics

Advice firm director banned for ‘unacceptable’ record-keeping


The director of two financial services companies including a Chelmsford advice firm has been disqualified for eight years due to poor record keeping.

James Lau was director of WFM Management Services, a financial advice firm, and GG Blue Sky, a derivatives trading business.

Both companies were placed into liquidation in September 2013, with an estimated £7.8m in Blue Sky assets and £26,000 in WFM assets owed to shareholders and creditors.

An Insolvency Service investigation found Lau failed to maintain the books and records of both companies or deliver them up to the liquidator.

According to the Insolvency Service, the records could not account for more than £4m of income and expenditure from Blue Sky and £500,000 of income and expenditure from WFM over a period of less than two years.

Much of those funds were allegedly related to client pensions and investments but the Insolvency Service says it is not possible to explain who the funds belonged to or where they went, which has left clients out of pocket.

The records also do not explain what happened to properties bought for more than £600,000 and £41,300 of payments to an internet gambling site.

Insolvent Investigations North group leader Rob Clarke says: “This failure to maintain, preserve or deliver up records is totally unacceptable, especially where creditors and shareholders are owed substantial amounts, and potential assets were not preserved or disclosed for realisation by the liquidator. The Insolvency Service has ensured that such behaviour will not be tolerated and that robust action will be taken against directors where misconduct is found.”



Director disqualified after losing investors £13.3m

The director of a company that lost consumers £13.3m through alternative investment scams it operated has been disqualified for 15 years by the High Court. Industry RE director Ian Hamilton ran scams including selling interests in land in Dominica that the company never owned, and money circulation schemes. Hamilton’s disqualification from being a company director […]


Director banned over £666k African stove investment

A company director that convinced investors to contribute funds to an African stove investment scheme has been disqualified for 14 years. According to the Insolvency Service, Mark Ayres acted as a director of Global Eco Projects in breach of an earlier director disqualification. Under his watch the company breached financial regulations by taking investor money […]


FCA fines director £59k for insider trading

A director has been fined £59,557 for insider trading and publicly censured for improper disclosure in which he attempted to avoid a loss of £242,000. Gavin Breeze – who holds several directorships at private companies – attempted to sell his entire 8 per cent stack in ecommerce business MoPowered, when the chief executive of the […]

Europe 2017: Value, large-caps & liquidity

Joshua Ausden, Head of Client Investment Strategy, Neptune Read more here Important Information – for Investment Professionals Only. Not for Retail Clients.Investment risksNeptune funds may have a high volatility rating and past performance and forecasts are not a guide to future performance. These are Neptune’s views and as such this document is deemed to be […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. So £7.826 million goes missing and the bloke is banned.(Big deal!) The The Insolvency Service has ensured that such behaviour will not be tolerated and robust action will be taken. So what action?

    Everything this bloke has down to his last pair of underpants should be sequestered and just in case he thinks he can go on benefits afterwards he should be firmly advised that this door is closed too.

    Until these cowboys get proper sanctions this sort of behavior will never end. Of course he didn’t keep records. He was filching the lolly and didn’t want to leave a trail.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm