Case details for PETER HERALD IRVIN HELLMAN

Name: PETER HERALD IRVIN HELLMAN

Name: OMADA INVESTMENT MANAGEMENT LIMITED

Date of Birth: 5 / 10 / 1954

Date Order Starts: 29 / 10 / 2018

Disqualification Length: 14 Years 0 Month(s)

CRO Number: 06256582

Last Known Address: 16 SOUDAN ROAD, , , , LONDON, SW11 4HH

Conduct: Between 30 August 2013 and 21 December 2016 Peter Herald Irvin Hellman caused and/or allowed Omada Investment Management Limited (“OIML”) to trade with a want of commercial probity, in that OIML:

  • Misapplied client investment capital totalling approximately £9,478,820; comprising £4,626,500 from six investors and approximately £4,852,320 (€5,750,000) from two further investors. OIML entered written agreements with its investors stipulating how their funds would be invested. Funds were not invested in accordance with these agreements and were dissipated by OIML primarily on company and related company expenses, overheads and office refurbishment costs.
  • Provided false information to clients concerning the status of their investments. Clients received regular statements of account and additional email communications purporting how their funds were invested, such representations were untrue.
  • Made material misrepresentations to auditors regarding the assets, liabilities and turnover of the company, resulting in inaccurate accounts being signed and filed for OIML for financial years ended 2013, 2014 and 2015.
  • Failed to receive or move investor funds into segregated client bank accounts as represented to clients. The investors’ funds were not accounted for as client monies to the auditors and were purported to be loans and/or income. Client assets were not properly reconciled, ring fenced or accounted for.
  • Provided false and misleading documents to investors, including: o a document purporting to be from the company auditors confirming the existence of pooled investments. o Bank documents purporting to show movement of investors’ funds.
  • On entering administration on 21 December 2016 OIML had assets estimated to realise £15,917 and liabilities totalling £10,454,494. The overall estimated deficiency including shareholders is £11,110,178 Between 1 July 2013 and 20 February 2017 he caused and/or allowed Omada Holdings Limited (“OHL”) to trade with a want of commercial probity, in that OHL:
  • Made material misstatements to auditors regarding assets, liabilities and turnover of OHL in the course of audits across the financial years ended 2013, 2014 and 2015.
  • Failed to disclose to a client the loss of investment securities worth approximately £500,000 at the date of liquidation. The majority of these had been forfeited by OHL in August 2014. Further securities were elicited from the client in May 2014. These further securities were not used as proposed, but instead sold and the proceeds used, primarily, to fund the completion of the lease on the trading premises. Misrepresentations were made to the same client concerning the status of his investment. At the date of liquidation on 20 February 2017 OHL had assets estimated to realise nil and creditors totalling £8,056,157. The overall estimated deficiency including shareholders is £8,056,370. 

    This information is correct as at 15 / 10 / 2018



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