Case details for OZDEN HASSAN

Name: OZDEN HASSAN

Name: Caledonian Ltd

Date of Birth: 10 / 11 / 1971

Date Order Starts: 22 / 11 / 2018

Disqualification Length: 14 Years 0 Month(s)

CRO Number: 05406041

Last Known Address: 23 Belvoir Close, , , , LONDON, SE9 4TD

Conduct: Caledonian Ltd Ozden Hassan [“Mr Hassan”] caused or allowed Caledonian Ltd [“Caledonian”] to operate with a want of commercial probity, systematically taking money from members of the public on the basis of misleading statements made to them, in that: 1. Between January 2013 and October 2013 Mr Hassan caused or allowed Caledonian to participate in a scheme under which customers were led to believe they were purchasing gold and other physical precious metals for investment, when they were not, in that: a) The connected company Caledonian Commodities Ltd [“Commodities”] described itself as “a physical precious metals commodities brokerage offering a two-way market on physical Gold as well as Silver, Palladium, Platinum and Copper” and claimed “With our unique insight into the markets we help our clients to profit from the significant gains that can be achieved in buying and holding physical gold and other precious metals”. b) Customers contracted with Commodities to set up “Gold Plus” accounts, key features of which included that account holders

  • could “invest directly in Physical Gold”;
  • could “diversify your portfolio into other precious metals such as Silver, Platinum and Palladium”; and
  • had a “choice of secure third party vaults with low storage fees and insurance or physical delivery to the home”; c) Customers entered into contracts with Commodities, but made payment to Caledonian, which purported to act as agent for Commodities. The contracts explicitly stated that Commodities “(and not Caledonian Ltd) is the principal debtor with the obligation to repay The Customer”. d) When customers made payment for precious metals to be kept in secure storage, the customers’ monies were not used to purchase physical precious metals that became the property of either Commodities or the individual customer. Instead, some of the monies were used to purchase “unallocated” precious metals in the name of Caledonian. e) Caledonian sold much of the “unallocated” precious metal and used the proceeds to pay running costs of its own separate business, unconnected with either precious metals or the customers who had paid to invest in precious metals. This was not treated as a loan in the accounting records of either company, and was not repaid. f) As a direct result, Caledonian was unable to reimburse Commodities with the sales proceeds of the unallocated precious metals and, in turn, there was a shortfall of at least £389,560 from Commodities to investors who had paid for, and believed they were the owners of, precious metals. 2. Mr Hassan caused or allowed Caledonian to market and sell Voluntary Emission Reduction carbon credits [“VERs”] and Rare Earth Metals [“REMs”] to members of the public for investment purposes. Before marketing those products for sale Mr Hassan and Caledonian failed to carry out the appropriate due diligence which would have revealed that the products were not suitable for investment purposes. As a direct result of that failure members of the public have lost out to the extent of £59,372 paid for VERs and £61,000 paid for REMs that are unsaleable. Caledonian Commodities Ltd Ozden Hassan [“Mr Hassan”] caused or allowed Caledonian Commodities Ltd [“Commodities”] to operate with a want of commercial probity, systematically taking money from members of the public on the basis of misleading statements made to them, in that: Between January 2013 and October 2013 Mr Hassan caused or allowed Commodities to operate a scheme under which customers were led to believe they were purchasing gold and other physical precious metals for investment, when they were not, in that: a) Commodities described itself as “a physical precious metals commodities brokerage offering a two-way market on physical Gold as well as Silver, Palladium, Platinum and Copper” and claimed “With our unique insight into the markets we help our clients to profit from the significant gains that can be achieved in buying and holding physical gold and other precious metals”. b) Customers contracted with Commodities to set up “Gold Plus” accounts, key features of which included that account holders
  • could “invest directly in Physical Gold”;
  • could “diversify your portfolio into other precious metals such as Silver, Platinum and Palladium”; and
  • had a “choice of secure third party vaults with low storage fees and insurance or physical delivery to the home”; c) Customers entered into contracts with Commodities, but made payment to a connected company, Caledonian Ltd [“Caledonian”], which purported to act as agent for Commodities. The contracts explicitly stated that Commodities “(and not Caledonian Ltd) is the principal debtor with the obligation to repay The Customer”. Despite these contracts, Mr Hassan claims that Commodities did not trade. d) When customers made payment for precious metals to be kept in secure storage, the customers’ monies were not used to purchase physical precious metals that became the property of the individual customer. Instead, some of the monies were used to purchase “unallocated” precious metals in the name of Caledonian. e) Caledonian sold much of the “unallocated” precious metal and used the proceeds to pay running costs of its own separate business, unconnected with either precious metals or the customers who had paid to invest in precious metals. This was not treated as a loan in the accounting records of either company; indeed, there are no accounting records for Commodities as Mr Hassan claims that it did not trade. f) The loan was not repaid. As a direct result, there was a shortfall of at least £389,560 from Commodities to investors who had paid for, and believed they were the owners of, precious metals. 

    This information is correct as at 2 / 11 / 2018



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