13 year ban for financial adviser who misled investors

Peter Carron of Primrose Associates Limited, Comment Technologies Limited and Evaluate Technologies Limited was disqualified at the High Court following an investigation by the Insolvency Service.

Carron was found to have misled investors in Primrose and Comment, claiming capital was invested with little or no risk and that returns were 'personally guaranteed'. Investments were actually paid into the two companies which were insolvent, which was not disclosed to investors.

By the time the companies failed, Primrose was found to have lost approximately 50 investors in excess of £7.4m.

The accounts submitted to the Financial Conduct Authority showed the company to be solvent and viable, despite actual company accounts demonstrating the company to be insolvent.

In his Judgment, HHJ Pelling QC said:

“The allegations I have found proved shows that he is willing to mislead his regulator, HMRC, and those who to his knowledge are relying on him for guidance.

“Such a person is manifestly unfit to be a director of a company since it is plain that the public are exposed to the risk of loss as a result of such misconduct”.