Case details for HARVEY EDWIN BENNETT

Name: HARVEY EDWIN BENNETT

Name: EVOLUTION TRADE SERVICES LIMITED

Date of Birth: 9 / 2 / 1970

Date Order Starts: 8 / 10 / 2018

Disqualification Length: 15 Years 0 Month(s)

CRO Number: 07964783

Last Known Address: 83 CROSS ROAD, MAWNEYS, , , ROMFORD, RM7 8DX

Conduct: 1. Mr Harvey Edwin Bennett (“Mr Bennett”) from 5 June 2013 to 4 December 2014, whilst being the sole formally appointed director of Evolution Trade Services Ltd (“ETS”) caused or allowed ETS to trade with a lack of commercial probity by being involved in the facilitation of selling of Certified Emission Reduction (“CERs”) carbon credits to customers an investment opportunity on the basis that the CERs will increase in value and be sold for a profit in the future, which they could not. i) During its period of trading ETS purchased CERs from its suppliers at an average cost of £1.06 between 5 June 2013 and 4 December 2014 but sold them on to its customers for an average of £2.46. This represents an average mark up of 132%. The price of CER’s traded on the EU ETS platform had an average price of €0.35 (£0.30). The mark-up paid by the customer is 1180% upon the average traded CER price. ii) During its trading of CERs ETS agreed sales of at least £828,860 iii) The Environment Agency confirmed to the Official Receiver that it held 635,551 CERs in its registry in the name of ETS. The status of these CER’s are stated as “ineligible to be held and used on an EU ETS account.” iv) The Official Receiver, the FCA and Her Majesty’s Revenues and Customs (HMRC) have been unable to identify a genuine secondary market. v) The lack of a secondary market for the resale of CER’s together with the mark-up price applied is such that customers will be unable to sell their CERs for a profit, or perhaps at all, and will suffer loss accordingly. vi) The Environment Agency has confirmed to the Official Receiver that the CER units in the name of ETS held on its registry will be cancelled by 2020. 2. He, from 27 October 2015 to 2 December 2015 whilst as a director of Evolution Trade Services Ltd (“ETS”) caused or allowed ETS to trade with a lack of commercial probity as he accepted funds amounting to £51,000 from a customer in respect Santo Montana LLP (in Liquidation) in respect of a gold mine investment scheme which failed to have any underlying investment asset or have any prospect of success. Despite this: i) ETS would advise a designated member of Santo Montana LLP to register new members of the LLP at Companies House once funds had been received from the individual investor. Ii) ETS accepted funds amounting to £51,000 from a LLP member during the period 27 October 2015 to 2 December 2015. iii) Santo Montana LLP was put into compulsory liquidation on 17 August 2016 with losses to the public of at least £388,000. Neither the Official Receiver nor three designated members of the LLP that were subsequently interviewed have been able to identify the underlying investment asset. 

This information is correct as at 21 / 9 / 2018



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