By James Simons-
An investment boss of a company that offered investment opportunities in Brazilian social housing for 14 years after misleading his clients has been banned from operating.
41 year old Anthony Jon Domingo Armstrong-Emery(pictured) failed to appear at the High Court on 15 March 2019, where Chief registrar Briggs handed down a Disqualification Order in his absence.The Gilbralter connected former boss and his colleague, Charles Valentine Fraser-Macnamara from Halesowe were the failed directors of Ecohouse Developments Ltd who conned their clients and now have their names dragged through the mud through this ban
The ban which was officially announced today was actually put in effect from 6 April, Anthony Armstrong-Emery is banned for 14 years from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
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The company which began its business in May 2010, offered investments in the construction of social housing in Brazil, under the ‘Mihna Casa, Mihna Vida’ scheme. Investors would typically pay £23,000 per unit and would expect to receive their capital plus a 20% return 12 months later.
People were encouraged to invest by marketing literature and contracts that claimed Ecohouse owned the land the social housing was being built upon and the investment was secure. Investors were also misled into believing the exit strategy was backed by the government and Ecohouse was an approved supplier.
The court also heard that the two directors had caused Ecohouse to maintain inadequate accounting records and did not deliver these to the liquidators. The consequence was that the liquidators were unable to explain several substantial transactions, including payments to Anthony Armstrong-Emery worth more than £450,000, foreign payments totalling just over £11 million, credit card payments worth over £1 million and payments to a connected company worth £2.8 million.
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CONCERNS
In May 2013, concerns about the company were posted online and by January 2015, Ecohouse Developments was placed into liquidation as it could not pay its debts, owing more than 350 investors circa £21 million. The liquidation then triggered an investigation by the Insolvency Service into the company and the conduct of the directors.
STRUCK OFF
Meanwhile, a solicitor by the name of Charles Fraser-Macnamara, has since been struck off, after electing to provide a disqualification undertaking for nine years to the Secretary of State in January 2017 for his misconduct in running the company, Anthony Armstrong-Emery chose to dispute the allegations.
However, the court upheld there was no evidence to show Ecohouse owned the land or had the right to ensure that any land owned by a third party should be transferred to it and that marketing materials were misleading and inaccurate.
The court also heard that the two directors had caused Ecohouse to maintain inadequate accounting records and did not deliver these to the liquidators.
Cheryl Lambert, Chief Investigator for the Insolvency Service, said:
Members of the public thought they were getting a great deal but were unfortunately tricked into investing into a company that provided false and misleading information.
The evidence against the directors was substantial and while Anthony Armstrong-Emery thought he could evade our enquiries as he lived abroad, the court action is testament that we will take robust action against directors who disregard their obligations.
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