Dow & Jones, a wine funding firm that investdrinks has lengthy warned towards utilizing, was would up in London’s Excessive Courtroom on Tuesday seventeenth March. Wine was offered at double its worth, a lot of the inventory wasn’t purchased and false accounts had been filed at Corporations Home. See announcement from the Insolvency Service beneath. I belief that felony prices can be introduced towards these accountable.
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Contact tackle on web site: 16 Excessive Holborn, London, WC1V 6BX
was a digital workplace
Dow And Jones Restricted was wound up within the public curiosity on 17 March 2020 within the Excessive Courtroom of Justice earlier than Deputy Decide Jones. The Official Receiver has been appointed as liquidator.
On the listening to to think about the petition to wind up the corporate, the courtroom heard that Dow and Jones Restricted was included in September 2015, with a registered workplace in Sidcup, Kent, and a buying and selling tackle in Central London till Could 2019.
The Insolvency Service, nevertheless, carried out confidential investigations into the wine retailers having acquired complaints about Dow and Jones’s buying and selling practices.
Investigators found that the corporate offered wine to members of the general public as an funding alternative. Dow and Jones, nevertheless, often offered the inventory to these investor clients at double the traditional retail value, making it unlikely that traders would ever get their authentic capital again or make a revenue.
Gross sales employees working for Dow and Jones falsely claimed to traders that further purchases had been required to make sure that a portfolio of wines might be offered faster and at a better value.
Dow and Jones had additionally didn’t honour buyer orders going again to 2016, with the corporate additionally having filed inaccurate accounts at Corporations Home.
In her judgment, Deputy Decide Jones said that “there’s something extraordinarily fallacious about this firm”, earlier than confirming that the promised returns to traders had been “vastly overstated”.
Irshard Mohammed, Senior Investigator on the Insolvency Service, stated
Just like boiler room operations, Dow and Jones used gross sales scripts from beforehand failed corporations, which assisted salesmen to persuade folks, together with the susceptible, to take a position their cash in unregulated investments. Even these clients who acquired the wine they’d paid for misplaced a large proportion of their funding, because the wine was materially overpriced.
The courts recognised the unscrupulous nature of Dow and Jones when it wound-up the corporate and our recommendation is at all times to reject unsolicited funding provides that sound too good to be true.
All enquiries regarding the affairs of the corporate must be made to:
- The Official Receiver, Public Curiosity Unit, sixteenth Flooring, 1 Westfield Avenue, Stratford, London, E20 1HZ
- Phone: 020 7637 1110
- Electronic mail: [email protected]
Notes to editors
Dow And Jones Restricted (Firm quantity: 09778709) was included on 15 September 2015. The present registered workplace is positioned at Onega Home, 112 Foremost Highway, Sidcup, Kent, DA14 6NE and it had buying and selling addresses at 4th Flooring, 50 Essex Avenue, London, WC2R 3JF till Could 2019 and 16 Excessive Holborn, London, WC1V 6BX, being a digital workplace tackle.
The present recorded director of the corporate is Mr Anthony Collins, previously referred to as Kyrone Collins, whose date of beginning is recorded as being in June 1988.
The Petition was introduced by The Secretary of State for Enterprise, Power and Industrial Technique (“BEIS”) on 12 February 2020 within the Excessive Courtroom of Justice, Enterprise and Property Courts in England and Wales (CR-2020-001052), underneath the provisions of part 124A of the Insolvency Act 1986 following confidential enquiries by Firm Investigations underneath part 447 of the Corporations Act 1985, as amended.
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