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.
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.”