Case details for Michelle Hewitt

Name: Michelle Hewitt

Name: Shah Wealth Management Limited

Date of Birth: 5 / 7 / 2016

Date Order Starts: 12 / 4 / 2019

Disqualification Length: 3 Years 6 Month(s)

CRO Number: 06346493

Last Known Address: 360 Nuneaton Road, Bulkington, , , Bedworth, CV12 9RR

Conduct: That from February 2012 until her resignation as a director of Shah Wealth Management Limited, (“Shah”) on 24 September 2015, Michelle Anne Hewitt (“Mrs Hewitt”) allowed Cherish Wealth Management Limited (“Cherish”), an appointed representative of Shah, to give inappropriate advice to investors in respect of unregulated real estate products in the USA, taking account of their investment experience. At least 55 investors who had been advised by Cherish invested monies, in the sum of at least £987,406 into unregulated real estate products in the USA: a. Mrs Hewitt was a director of Shah; b. Cherish provided investment advice to individual investors in respect of released pension funds and direct investment; c. Cherish was not regulated by the Financial Conduct Authority (“FCA”) but was an appointed representative of Shah who were regulated by the FCA; d. Cherish gave advice on, among other products, investments in residential property in USA, these non-mainstream investments being made through a Special Purpose Vehicle (SPV) and were not regulated by the FCA; e. Non-mainstream investments are suitable for High Net Worth Individuals/(Self)Certified Sophisticated Investors (HNWI/(S)CSI); f. The Insolvency Service has received information from 55 customers who were advised by Cherish to invest monies in these investment opportunities in the USA; g. These customers invested monies in the sum of at least £987,406 in these projects, of which at least £905,408 were drawn from personal pension plans; h. On 04 June 2013, the FCA issued guidance restricting the promotion of Non-Mainstream Pooled Investments, including securities issued by SPV’s pooling investments in assets other than listed or unlisted shares or bonds, to HNWI/(S)CSI; i. Of these 55 investors, 53 told the Insolvency Service that they were not HNWI/(S)CSI or experienced in non-alternative investments; j. At least 30 of these investors invested monies in these schemes on the advice of Cherish after 04 June 2013; k. At 24 January 2019, the Financial Services Compensation Scheme (FSCS) had a total claim in the sum of £39,284,000 in respect of Shah, the majority of claims being in relation to unsuitable advice claims. Not all claims are in respect of investment in these USA property investments; l. The FSCS does not have any claim against Cherish, the claims being against Shah, the regulated entity. 

This information is correct as at 25 / 3 / 2019


Name: Lee Hewitt

Name: Shah Wealth Management Limited

Date of Birth: 12 / 12 / 1965

Date Order Starts: 16 / 4 / 2019

Disqualification Length: 8 Years  Month(s)

CRO Number: 06346493

Last Known Address: Fox Covert Farm House, Upton Lane, Stoke Golding, , Nuneaton, CV13 6EU

Conduct: That from February 2012 until his resignation as a director of Shah Wealth Management Limited, (“Shah”) on 24 September 2015, Lee Hewitt (“Mr Hewitt”) failed to ensure that Cherish Wealth Management Limited (“Cherish”), an appointed representative of Shah, gave appropriate advice to suitable investors in respect of unregulated real estate products in the USA, taking account of their investment experience. At least 55 investors who had been advised by Cherish invested monies, in the sum of at least £987,406 into unregulated real estate products in the USA: a. Mr Hewitt was a director of both Shah and Cherish; b. Cherish provided investment advice to individual investors in respect of released pension funds and direct investment; c. Cherish was not regulated by the Financial Conduct Authority (“FCA”) but was an appointed representative of Shah who were regulated by the FCA; d. Cherish gave advice on, among other products, investments in residential property in USA, these non-mainstream investments being made through a Special Purpose Vehicle (SPV) and were not regulated by the FCA; e. Non-mainstream investments are suitable for High Net Worth Individuals/(Self)Certified Sophisticated Investors (HNWI/(S)CSI); f. The Insolvency Service has received information from 55 customers who were advised by Cherish to invest monies in these investment opportunities in the USA; g. These customers invested monies in the sum of at least £987,406 in these projects, of which at least £905,408 were drawn from personal pension plans; h. On 04 June 2013, the FCA issued guidance restricting the promotion of Non-Mainstream Pooled Investments, including securities issued by SPV’s pooling investments in assets other than listed or unlisted shares or bonds, to HNWI/(S)CSI; i. Of these 55 investors, 53 told the Insolvency Service that they were not HNWI/(S)CSI or experienced in non-alternative investments; j. At least 30 of these investors invested monies in these schemes on the advice of Cherish after 04 June 2013; k. At 24 January 2019, the Financial Services Compensation Scheme (FSCS) had a total claim in the sum of £39,284,000 in respect of Shah, the majority of claims being in relation to unsuitable advice claims. Not all claims are in respect of investment in these USA property investments; l. The FSCS does not have any claim against Cherish, the claims being against Shah, the regulated entity. 

This information is correct as at 27 / 3 / 2019



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