Case details for David ANGEL

Name: David ANGEL

Name: INTERCONTINENTAL WINES LIMITED

Date of Birth: 18 / 4 / 1980

Date Order Starts: 14 / 3 / 2019

Disqualification Length: 12 Years 0 Month(s)

CRO Number: 07672315

Last Known Address: 70c Arctic Road,, , , , COWES,, PO31 7PF

Conduct: Between 1 July 2015 and 22 November 2018, Mr David Angel (“Mr Angel”) caused Intercontinental Wines Limited (“IWL”) to trade in a manner which lacked commercial probity in that he failed to ensure that it purchased and/or allocated sufficient cases of wine to satisfy purchases made by its customers, in that:

  • IWL marketed wine as an investment product and advised it’s customers that wine purchased on their behalf would be kept in a bonded warehouse account held in their name.
  • IWL failed to purchase sufficient cases of wine to fulfil orders made by its customers, for which IWL received payment. At least four customers invested £67,980, for which the wine cannot be accounted for. A review of IWL’s bank statements for the period 1 July 2015 to 27 April 2018 shows that IWL made sales of £852,805 and made purchases of £108,383. The bonded warehouse insured the wine it held for IWL to the value of £194,359 over the period of 17 September 2015 to 22 November 2018. He states that he was aware that IWL was overselling products.
  • IWL continued to market and sell wine to investors who either had no account at the bonded warehouse or where they did, IWL did not transfer the purchased wine into their bonded warehouse account.
  • He failed to monitor and review the position of IWL with respect to the correct allocation of investors’ wine to bonded warehouse accounts in their name. He states he was aware that the bonded warehouse records were not up-to-date in mid 2018, although they had been lacking for some time. The result of which is that following the making of the Winding-up Order, wine held in IWL’s bonded warehouse account could not be allocated to any particular investor or third party.
  • Furthermore, on one occasion, IWL failed to protect cases of wine held on behalf of a third party while brokering a sale and then failed to return the wine to the third party upon their request, resulting in a £39,000 loss to the third party. 

    This information is correct as at 15 / 3 / 2019



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