Press release: Binary options company shut down over false and misleading claims

Eclipse Finance Limited (Eclipse), was incorporated on 9 October 2015 and the company’s registered office is at International House 776-778 Barking Road, London E13 9PJ. The company claimed to be operating a binary options scheme.

Binary options trading is a form of fixed-odds betting on movements in financial markets. A binary option is a financial option in which the payoff is either some fixed monetary amount or nothing at all.

The court heard evidence that following complaints received about the company’s methods, the Insolvency Service investigated and petitioned for the company to be shut down, in the public interest.

The court also heard that:

  • Eclipse traded through a virtual office facility in London and made false and misleading claims in persuading people from Britain and all over the world to invest in a bogus Binary Options scheme, which has since been wound up in the High Court on 26 June 2018
  • the company claimed to be in the business of binary trading, but all the known investors lost significant sums, averaging over £50,000 each. Losses reported to Action Fraud totalled over £600,000
  • potential investors were subject to high pressure sales tactics with misrepresentations being made as to the returns that would be made on investments. Trading was then apparently carried out with investors’ funds without authorisation and monies were removed from investors’ accounts without authorisation

The company then blamed these losses on the hacking of their computer system. This was claimed to have happened on two separate occasions but no evidence of this was provided to victims or to the investigators.

Other investors reported that their accounts were simply drained of funds without explanation and that the company then failed to respond to all attempts at contact.

Commenting on the case, Irshard Mohammed, Investigation Supervisor at the Insolvency Service, said:

Eclipse Finance Limited attracted investors with the promise of high returns but these to be unfounded and investors suffered heavy losses as a result.

The Financial Conduct Authority have warned consumers of the high risks of Binary Options trading, but in this case no evidence has been found that the company engaged in such trading. Instead they used the false promise of high returns to attract investment and then disappeared.

These winding-up proceedings show that the Insolvency Service will use the weight of its powers to take firm action against companies that operate in such an unscrupulous way.

The company was wound up on 26 June 2018 and the Official Receiver has been appointed as liquidator.

Notes to editors

Eclipse Finance Limited, company registration number 09818512, was incorporated on 9 October 2015. The company’s registered office is at International House 776-778 Barking Road, London E13 9PJ, that of a virtual office provider.

The petition to wind-up Eclipse Finance Limited was presented under s124A of the Insolvency Act 1986 on 03 May 2018. The company was wound up on 26 June 2018 and the Official Receiver has been appointed as liquidator.

Binary options trading is a form of fixed-odds betting on movements in financial markets. A binary option is a financial option in which the payoff is either some fixed monetary amount or nothing at all.

By virtue of the appointment of the Official Receiver all public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit, 2nd Floor, 4 Abbey Orchard Street, London SW1P 2HT. Email: piu.south@insolvency.gsi.gov.uk.

Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Energy & Industrial Strategy (BEIS).

Further information about live company investigations is available here

The Insolvency Service, an executive agency sponsored by the Department for Business, Energy and Industrial Strategy (BEIS), administers the insolvency regime, and aims to deliver and promote a range of investigation and enforcement activities both civil and criminal in nature, to support fair and open markets. We do this by effectively enforcing the statutory company and insolvency regimes, maintaining public confidence in those regimes and reducing the harm caused to victims of fraudulent activity and to the business community, including dealing with the disqualification of directors in corporate failures.

BEIS’ mission is to build a dynamic and competitive UK economy that works for all, in particular by creating the conditions for business success and promoting an open global economy. The Criminal Investigations and Prosecutions team contributes to this aim by taking action to deter fraud and to regulate the market. They investigate and prosecute a range of offences, primarily relating to personal or company insolvencies.

The agency also authorises and regulates the insolvency profession, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.

Contact Press Office

Media enquiries for this press release – 020 7674 6910 or 020 7596 6187

Press Office

The Insolvency Service


4 Abbey Orchard Street
London
SW1P 2HT

This service is for journalists only. For any other queries, please contact the Insolvency Enquiry line on 0300 678 0015.

For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000.

You can also follow the Insolvency Service on:

Link: Press release: Binary options company shut down over false and misleading claims
Source: Gov Press Releases

Press release: Kent pension company shut down in the interest of investors

Chartwell Trustee Pension Solutions Ltd (Chartwell), was the sole trustee of the Pinnacle Pension Scheme and was incorporated on 14 December 2007. Its registered office was Kingfisher House, Bromley, Kent.

The Insolvency Service launched an investigation into the company’s activities following complaints received by it and Action Fraud.

The investigation found:

  • the company was entrusted with in excess of £4.8m of members’ pension funds following an apparent cold-calling telesales operation. Members were told that they could expect a guaranteed 8% return into their pension for the first two years and that further returns may follow
  • members were told their pensions would be invested in ‘storage products’. However, records provided by the company to the Insolvency Service investigators were incomplete, and it did not provide the investigators with an adequate explanation for the application of the funds it received
  • customers experienced enormous difficulties in contacting the company, received very little information from the company and do not appear to have been issued with any Annual Returns, which are supposed to provide them with details of their invested funds, since October 2015

Investigators were unable to obtain any clear view of how the company operated and records the company did provide were incomplete, inconsistent, and contradicted information the company had itself provided to The Pensions Regulator.

The company was wound up by the court on Wednesday 6 June 2018, on the petition of the Secretary of State for Business, Energy & Industrial Strategy, following an investigation by the Insolvency Service.

The Court said that it was appropriate, desirable, and in the interest of investors to make an order to place the company into insolvent liquidation.

Judge Prentis found that the company operated with a lack of commercial probity, a lack of transparency, and without any presence at its Registered Office address. Investigators were unable to obtain any clear view of how the company operated.

Nobody appeared on behalf of the company to oppose the petition.

Investigation Supervisor Irshard Mohammed, of the Insolvency Service, said:

Those behind companies such as Chartwell should be aware that the Insolvency Service will not tolerate such abuses of the corporate regime. It is telling that this situation appears to have arisen from telephone cold-calling.

Members of the public should be most wary when approached with investment proposals or proposals of how to manage their pension, through unsolicited telephone calls.

Notes to editors

A winding-up order was made against Chartwell Trustee Pension Solutions Ltd on 6 June 2018 in the High Court of Justice.

The petition to wind up the company was presented in the High Court of Justice Business and Property Courts of England and Wales, on 9 April 2018, under the provisions of section 124A of the Insolvency Act 1986 following confidential enquiries by Company Investigations under section 447 of the Companies Act 1985, as amended.

Chartwell Trustee Pension Solutions Ltd was incorporated on 14 December 2007 with the Company Registration Number 06453607. Its Registered Office on 6 June 2018 was Kingfisher House, 21-23 Elmfield Road, Bromley, Kent, England, BR1 1LT.

The company’s sole director at the time of winding up is Christopher William Payne.

Mr Payne and another former director of Chartwell, Karen Carol Burton, were previously directors of Imperial Trustee Services Ltd, which was also wound up by the Insolvency Service on a Public Interest petition. The press release for Imperial Trustee Services Ltd is available here.

All enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit, 4 Abbey Orchard Street, London, SW1P 2HT. Telephone: 0207 637 1110, Email: piu.or@insolvency.gsi.gov.uk.

Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Energy & Industrial Strategy (BEIS).

Further information about live company investigations is available here.

The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK. In addition, the agency deals with disqualification of directors in corporate failures, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.

Contact Press Office

Media enquiries for this press release – 020 7674 6910 or 020 7596 6187

Press Office

The Insolvency Service


4 Abbey Orchard Street
London
SW1P 2HT

This service is for journalists only. For any other queries, please contact the Insolvency Enquiry line on 0300 678 0015.

For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000.

You can also follow the Insolvency Service on:

Link: Press release: Kent pension company shut down in the interest of investors
Source: Gov Press Releases

Press release: Wales announced as host for UK Space Conference 2019

The UK Space Agency has today announced at the Farnborough International Airshow that Wales will play host to the 2019 UK Space Conference, with the new International Convention Centre (ICC) near Newport confirmed as the event venue. Dr Graham Turnock, CEO of the UK Space Agency announced that the conference will take place on 9 to 11 July 2019.

The UK Space Conference is considered the most influential event for the space community, bringing together government, industry and academia, to build links, share opportunities and address mutual concerns at a crucial time of unprecedented change and growth for the sector.

The position of Programme Committee Chair is now open for nominations; this committee is responsible for defining the theme, shaping the content and selecting the speakers. Nominations for members of the committee are also welcome. We are looking to ensure wide engagement in the conference and so encourage people from across the community to put themselves forward.

The 2019 conference is set to be the biggest and most significant event to date with over 1,200 delegates anticipated. The ICC Wales, an £84 million investment development, is due to open shortly before the 2019 event. This biennial conference has been held previously in Glasgow, Liverpool and Manchester, with the first held in 2011 in Warwick.

CEO of the UK Space Agency, Dr Graham Turnock said:

We are working with the space sector to build on our significant capability and maximise the benefits of space to life on Earth, creating jobs and opportunities across the country.

The UK Space Conference is a fantastic event for sparking the kind of collaborations and partnerships that will help our sector grow. I am delighted that Wales will be hosting the 2019 conference and I’m sure it will build on the huge success of the 2017 conference in Manchester.

Sir Martin Sweeting, Executive Chairman, Surrey Satellite Technology Ltd and founder of the Surrey Space Centre said:

The UK Space Conference provides a vital forum for the UK space sector, academia and policy makers to network, debate, form new collaborations, and do business. It’s a key event for SSTL, and a fixture in my calendar.

This 2017 programme included 5 plenary and 28 parallel sessions which were carefully designed to inspire, enable and connect the space community. 180 speakers delivered a total of 43 hours’ worth of content and discussion to 1,200 delegates. Speakers included British ESA Astronaut Tim Peake, one of the most inspirational figures in the UK space sector, who spoke in the closing plenary entitled ‘Inspiring the future through exploration’.

Other influential speakers included; Professor Jan Wörner, Director General of the European Space Agency, and Andy Green, President of UKspace and chair of the Space Sector Council.

Link: Press release: Wales announced as host for UK Space Conference 2019
Source: Gov Press Releases

Press release: Usk Primary School wins poster competition

Fun Kids radio, with the support of the Intellectual Property Office (IPO) created a radio series aimed at under 12s. It tells the story of pop pup Nancy and her backing band the Meerkats. Trying to make it big in the music they have to overcome a surprisingly diverse range of IP related issues.

Mark Skeggs from the IPO said:

We were very pleased to have the opportunity to support this competition that encouraged children to respect IP in a fun, creative and engaging manner. A number of very good entries were received from throughout the UK and we would like to congratulate Katie Howells from Usk Primary School as a worthy winner.

To support the new Nancy and the Meerkats series of radio shows, cartoons and videos the national competition was run to create a new tour poster for Nancy. In the new series Nancy is helping struggling artist Ed Shearling to succeed in the music industry by helping him understand about IP. For the competition schools were encouraged to use some of the messages in the new series to help produce a suitable tour poster.

Gregory Watson, MD of Fun Kids radio said:

Nancy and the Meerkats is a great resource that Fun Kids created to help the IPO engage children. The audio podcasts and animated videos, which remain available through Funkids, have engaged tens of thousands of children since Nancy hit the music scene in 2015.

Fun and engaging audio and animated videos remain a great way to engage children and their parents, helping them discover new things through content they can access where and when they want to, and through devices they are comfortable to use.

The prize is a bespoke music experience for Katie and her class mates, arranged by the UK Music; an umbrella organisation which represents the collective interests of the UK’s commercial music industry.
Oliver Morris, from UK Music said:

The IPO do really important work with a range of ages on the importance of IP for creators. If you’re an aspiring songwriter or have dreams of getting into music business then learning about this in school through the IPO’s fun and interactive online resources is a great first step. The app Music Inc.- developed in partnership with the IPO, UK Music and Aardman – is an example of an innovative and educational way for young people to understand this important issue. We’re really pleased to have supported the Nancy and the Meerkats competition and are happy to be able to bring producer Llion Robertson, artist HANA2K and UK Music member the Music Publishers Association to Usk.

Notes to editors

1. Crackingideas is the single hub for IP Education materials from the UK Intellectual Property Office.
2. Fun Kids is a national children’s digital radio station in the United Kingdom with associated websites, YouTube and podcast channels.
3. ukmusic.org is the umbrella organisation which represents the collective interests of the UK’s commercial music industry.

Link: Press release: Usk Primary School wins poster competition
Source: Gov Press Releases

Press release: Critical asset for early flood warning in York being built

The channel is being built in the river where it passes under the A59 at Skipbridge, Green Hammerton, between York and Harrogate.

Once the channel has been built an ultrasonic sensor will be attached under the bridge so accurate flow readings can be achieved.

This is important for predicting floods in York because the River Nidd is the last major watercourse flowing into the Ouse.

Project manager Oliver Wilson said:

This is one of the Environment Agency’s critical assets for our flood warning service and for managing water resource available for abstraction.

Having an early warning that the Ouse could overtop in York means we can act early to prevent flooding by closing flood gates in the city.

So that the concrete lined channel can be built a cofferdam has been put in place.

One half of the river is dammed off to create a dry working area to enable construction on that side, before the other side is dammed and the new channel structure can be completed.

There was an existing concrete channel built a number of years ago but due to the design and flow dynamics it created in the river the bed got silted up, causing incorrect flow readings and it not working as an effective gauge station.

The new channel is designed to make sure sediment passes through it and flow readings are accurate.

Mr Wilson added:

Lower river levels have enabled us to make really good progress and we expect the gauge station to be fully functioning this winter.

North Yorkshire County Council’s Highways Department has carried out work on the bridge and road earlier this year and Northern Powergrid also recently installed an electricity line across the bridge.

To view river levels click here

Link: Press release: Critical asset for early flood warning in York being built
Source: Gov Press Releases

Press release: Foreign Secretary statement on the 4th anniversary of MH17

On the fourth anniversary of the shooting down of MH17, the Foreign Secretary remembers those who died in the attack and calls for the Russian Federation to account for its role in this crime.

Foreign Secretary Jeremy Hunt said:

Today is the 4th anniversary of the day 298 people, including 10 British nationals, tragically lost their lives when Malaysia Airlines flight 17 was shot down as it flew a commercial route between Amsterdam and Kuala Lumpur. I would like to offer my deepest condolences to the families and friends of all those who died. Your loved ones, who were killed in such horrific and shocking circumstances, deserve justice.

Thanks to the painstaking work of the Joint Investigation Team over the past 4 years, we now know that MH17 was shot down by a Russian Buk-type missile, belonging to the 53rd Anti-Aircraft Military Brigade of the Russian army which was launched from an area held by Russian-backed separatists in eastern Ukraine. This is another example of the Russian Federation’s disregard for human life and the rules based international system and Russia must answer for its actions.

The UK fully supports Australia and the Netherlands in their call on the Russian Federation to accept state responsibility, and to cooperate with them in their efforts to deliver justice for the victims of this tragedy. The UK will continue to fully support the work of the Joint Investigation Team and the UK calls on the Russian Federation to cooperate fully with investigation and to provide any assistance it requests in accordance with UN Security Council resolution 2166. It is vital this investigation leads to a prosecution and that those responsible are held accountable for this appalling crime.

Further information

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For journalists

Link: Press release: Foreign Secretary statement on the 4th anniversary of MH17
Source: Gov Press Releases

Press release: Commonwealth countries unite to tackle ocean plastic pollution

Four more countries have signed up to UK and Vanuatu-led efforts to tackle ocean plastic, announced Environment Minister Thérèse Coffey today as she hosted the first meeting of the Commonwealth Clean Oceans Alliance (CCOA).

The Alliance, which was announced by the Prime Minister during the Commonwealth Heads of Government Meeting in London (16-18 April), aims to unite countries around the Commonwealth so they can work together to turn the tide on plastic entering the marine environment. It sees each country pledging to take action – be this by a ban on microbeads, a commitment to cutting down on single use plastic bags, or other steps to eliminate avoidable plastic waste.

Three months on, Australia, Fiji, Kenya and St Lucia have now formally joined the Alliance and will sit alongside New Zealand, Sri Lanka and Ghana to create a nine-strong coalition in the fight against plastic pollution.

High Commissioners from over 30 Commonwealth countries, including Tanzania and Nigeria who have not formally signed up to the Alliance, met in London today to share the ambitions and expertise they have and reiterate their commitment to healthy oceans.

The meeting was chaired by Environment Minister Thérèse Coffey where she highlighted the UK’s global leadership on ocean conservation and updated on action taken under our 25 Year Environment Plan.

Environment Minister Thérèse Coffey said:

Marine plastics pollution is one of the greatest environmental challenges facing the world today, requiring a truly global approach to developing a solution.

By joining together the expertise and ambitions of the Commonwealth countries, we can make huge strides towards eliminating all single use plastic from our oceans. I thoroughly enjoyed hearing from other countries on how they are approaching this challenge, and look forward to seeing what difference we can make together.

Minster Coffey also outlined the assistance available from the UK to support Commonwealth countries through the £61.4million Commonwealth Oceans Plastic Package, as announced by the Prime Minister at the Commonwealth Heads of Government Meeting in London earlier this year.

Included in the package is a £25million Marine Plastics Research and Innovation Framework, to help researchers approach the scourge of marine plastic waste from a scientific, technical, economic and social perspective.

More details were also revealed about the Global Plastics Action Partnership, a Defra-funded £2.4million project linked to CCOA to tackle global plastic pollution in rivers, deltas and oceans. Three initial projects will be launched as part of the public-private project in hotspots around the world; in Southeast Asia, West Africa and a Small Island Developing State.

The UK Government continues to lead the way in tackling plastic, with one of the world’s strongest bans on microbeads introduced last month and 9 billion fewer bags distributed thanks to the 5p plastic bag charge. Environment Secretary Michael Gove has also outlined ambitious plans to end the sale of plastic straws, stirrers and cotton buds and introduce a deposit return scheme, subject to consultation.

Link: Press release: Commonwealth countries unite to tackle ocean plastic pollution
Source: Gov Press Releases

Press release: New Charity Investigation: Darul Uloom School London

The Charity Commission, the independent regulator of charities in England and Wales, has opened a statutory inquiry into Darul Uloom School London over concerns about potential misconduct and mismanagement at the charity. The inquiry was opened on 15 June 2018.

The charity’s object is for the advancement of education and religion in accordance with the tenets and doctrines of Islam. The charity provides Islamic and national curriculum education to children and young people.

The Commission received a serious incident report from the charity after police arrested one of the charity’s trustees, and seized weapons and cash held at the charity’s premises. The individual was also a teacher and designated safeguarding lead at the school. The Commission therefore, immediately after opening the inquiry, exercised its powers under section 76(3)(a), suspending the individual as trustee, officer and agent of the charity. A second individual, also a trustee and headteacher at the school, was also arrested.

On 13 June the Secretary of State submitted a complaint to Westminster Magistrates Court under section 120(1)(b) of the Education and Skills Act 2008 for an order that the school be removed from the register of independent schools – the consequence of which is that it would no longer be able to operate. A hearing took place on 15 June and was adjourned until 22 June where a settlement between the Department for Education and the charity was reached.

The scope of the inquiry will include:

  • the management and oversight of the charity by the trustees – including the financial management of the charity and whether conflicts of interest are being properly identified and managed by the trustees
  • the conduct of the arrested individuals

The Commission continues to work with the Metropolitan Police, the DfE and Bromley Council in whose authority the independent school, operated by the charity, resides. It is the Commission’s policy, after it has concluded an inquiry, to publish a report detailing what issues the inquiry looked at, what actions were undertaken as part of the inquiry and what the outcomes were.

Reports of previous inquiries by the Commission are available on GOV.UK.

Notes to editors

  1. The Charity Commission is the regulator of charities in England and Wales. To find out more about our work see the about us page on GOV.UK.
  2. Search for charities on our check charity tool.
  3. Section 46 of the Charities Act 2011 gives the Commission the power to institute inquiries. The opening of an inquiry gives the commission access to a range of investigative, protective and remedial legal powers.

Press office

Link: Press release: New Charity Investigation: Darul Uloom School London
Source: Gov Press Releases

Press release: Click to accept jury service in an instant

Potential jurors can now confirm their availability, request a different date, or authorise someone else to respond for them online, meaning they no longer have to fill out and post cumbersome paper forms.

The new “Juror Digital” system marks another step forward in the modernisation of our courts system. And we already know it works – results of a pilot scheme showed almost a fifth (19%) of the 12,000 jurors who tested the system responded within seven days, compared to a mere one per cent when using the old paper form.

Justice Minister Lucy Frazer said:

It makes complete sense to move more of our court processes online to fit around our busy modern lives.

This impressive new system is a great example of how we are making it quicker and easier for people to exercise their democratic duty.

We’ve already made it possible for people to apply for a divorce, appeal a tax bill and make a small money claim online and this is the next common sense step to continue modernising our justice system.

As well as making the process easier for jurors, forms accepting a summons will be automatically uploaded to online court systems to save staff valuable time.

For those who struggle with technology the paper form is still available, and there is telephone support for anyone who needs help using the new system.

The Juror Digital scheme is the latest step in the government’s £1bn reform programme is designed to modernise the courts system and ensure it is fit for the 21st century.

Other examples of the government’s court reforms which are making access to justice easier for everyone include:

  • The roll out across England and Wales of a service which allows people to apply for a divorce online.
  • A new paperless system, in operation at Lavender Hill Magistrates’ Court, which means thousands of offenders caught dodging fares or using fraudulent tickets can now be punished more swiftly and effectively.
  • The launch of a new digital service which allows people to submit appeals over their tax bill entirely online.

Link: Press release: Click to accept jury service in an instant
Source: Gov Press Releases