View more on these topics

High Court winds up £3m oil investment scam

Appeal-Court-High-Court-Building--700x450.jpg

The High Court has wound up two companies which took £3.1m from UK investors in an oil well investment scam.

New Horizon Energy Limited and New Horizon Energy LLC cold called UK investors offering a percentage share ownership of oil wells in the US.

An investigation by the Insolvency Service found investors were promised large returns to be paid monthly, based on the volume of oil produced from each well.

They were told that the wells were already producing oil at a substantial rate. However, in reality the wells had not been drilled.

Investors had been chasing the companies for information about their investment and were given updates detailing delays and problems with a constant reassurance that the wells would be “producing oil shortly”.

The investigation was unable to identify that any of the funds had been invested as promised.

The Insolvency Service says it is not yet known how many consumers invested in the scheme.

Insolvency Service chief investigator David Hill says: “Businesses such as these must be brought to an end to protect investors and rid the business environment of companies that operate with dishonesty.”

Recommended

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg

Warning over parking space pension scam

Fraudsters are targeting savers with an investment scam involving parking spaces close to airports, the National Fraud Intelligence Bureau warns. The bureau says consumers are receiving unsolicited calls from “forceful” sales people promoting the parking spaces as a “sound pension investment”. Consumers are promised a guaranteed high rate of return. A buy-back scheme is also […]

Sue-Lewis-700.jpg
17

Consumer Panel chair: Long-stop is a red herring

A 15-year long-stop for financial advisers is a “red herring” in the debate about how to widen access to advice, according to FCA Consumer Panel chair Sue Lewis. Lewis made the remarks when speaking to BBC Radio 4’s Money Box about the Government’s Financial Advice Market Review. The review was formally launched last week and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment