Name: BARRY FROMSON

Name: Merico Financial Ltd

Date of Birth: 15 / 5 / 1958

Date Order Starts: 12 / 10 / 2023

Disqualification Length: 8 Years 0 Month(s)

CRO Number: 11081939

Last Known Address: Pool Cottage, Linden Road, , , Sunderland, SR2 7AU

Conduct: Barry Fromson (“Mr Fromson”) failed to ensure that Merico Financial Limited (“Merico”) maintained and/or preserved adequate accounting records, or in the alternative, failed to deliver up to the Liquidator of Merico such records as were maintained: • Merico offered an investment opportunity to members of the public to invest in Senior Life Settlement Policies. The investment was for wealthy investors and the minimum investment was £100,000. Returns from the investment were stated to be fixed at 10% on the actual capital employed. • As Merico did not have its own bank account, investors’ funds were paid into the bank account of a third party. • As a consequence of the lack of records, it has not been possible to determine whether the funds totalling £1,950,000 paid by the investors were used for their intended purpose. As at the date of liquidation, the investors were owed at least £1,668,225. • As a consequence of the lack of records, it has not been possible to determine the reason why Merico held, or the whereabouts of, the company’s assets, which were shown in the filed accounts prepared to 30 November 2018 as totalling £1,552,462 and whether they were applied for the benefit of the company; why Merico received funds totalling £320,055 from third parties in addition to the investors referred to above and the purpose for which £245,055 was used; and the nature of, and extent to which Merico benefitted from, consultancy services from third parties. • At Liquidation, Merico had liabilities totalling at least £2,029,721. 

This information is correct as at 29 / 2 / 2024

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