Tuesday, May 26, 2020

Struggling Forex Broker Bought Flats With Company Funds

Must read

Struggling Forex Broker Bought Flats With Company Funds

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a...

Stock Markets Slump To Worst Quarter In 37 Years

Stock markets slumped to record losses in the first three mnths of the year due to fears over how coronavirus impacts the world economy...

Operation Airlift Underway For Brits Stranded Abroad

The British government is working with partner airlines to bring thousands of stranded travellers back to the UK. Foreign Secretary Dominic Raab has set aside...

Expat Landlords Get Buy To Let Mortgage Aid

The financial pain of coronavirus uncertainty for buy to let landlords has been eased by the housing minister. Secretary for Housing Robert Jenrick is extending...

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a relative’s name.

Ehsan Tayefi, aged 39, from South West London, was the director of Numex Foreign Exchange Corporation (UK) Ltd.

The company carried out foreign currency exchanges through a major platform and was warned in 2018 that the trading facility would be removed within two months.

Numex went into administration in June 2018 owing creditors £2 million.

Banned as director

The government’s Insolvency Service investigated the company and found that the forex platform had told Tayefi that maturing trades would put the company into overdraft.

Instead of acting, Tayefi spent £1.05 million on the apartments, putting the company into insolvency.

Tayefi has agreed to an eight year disqualification as a director which bans him from any role in managing a company without permission from court.

Unscrupulous activity

Dave Elliott, Chief Investigator for the Insolvency Service, said: “Ehsan Tayefi thought that he could get away with removing more than £1 million to spend on buying foreign properties. But the company’s insolvencies proceedings caught up with him and our investigations uncovered his unscrupulous activities to enrich himself at the expense of his creditors

“An  eight year ban is a substantial amount of time and will remove Ehsan Tayefi from the business environment, protecting creditors from further abuse.”

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Struggling Forex Broker Bought Flats With Company Funds

A forex broker whose company was approaching financial meltdown switched £1.05 million from a business account to buy two apartments in Dubai in a...

Stock Markets Slump To Worst Quarter In 37 Years

Stock markets slumped to record losses in the first three mnths of the year due to fears over how coronavirus impacts the world economy...

Operation Airlift Underway For Brits Stranded Abroad

The British government is working with partner airlines to bring thousands of stranded travellers back to the UK. Foreign Secretary Dominic Raab has set aside...

Expat Landlords Get Buy To Let Mortgage Aid

The financial pain of coronavirus uncertainty for buy to let landlords has been eased by the housing minister. Secretary for Housing Robert Jenrick is extending...

Financial Package On The Way For Self-Employed

Financial support is coming for freelance and self-employed expats who pay their taxes in the UK, Prime Minister Boris Johnson has promised. In his last...