Global Water Group directors Michael Lee Livesey and Ross Perry have been banned for 11 years after they ran an ‘ethical water’ investment scheme which took over £800,000 ($1.07m, €946,000) from investors.
They claimed to sell ethically-based investment bonds to support water projects around the world, according to the Insolvency Service.
Through online advertisements, the company promised investors that the scheme involved a “high level network” of investors and advisers connected to “issues related to water supply whose members include heads of state, leaders in the global water industry, leading universities and academic institutions, wealth management firms, philanthropists, pension funds and high net worth investors”.
Unable to identify
The scheme secured at least £800,000 from investors between 2017 and 2020.
But when Perry, who had taken over as director from Livesey in October 2019, put the business into liquidation in May 2020, the liquidator was “unable to identify a single genuine investment”, the Insolvency Service added.
Over £200,000 had been withdrawn in cash from the company’s bank account between 2018 and 2020, and a further £100,000 payment had been made directly into Perry’s personal bank account.
Both Livesey and Perry have signed 11-year disqualification undertakings, which run to 2032.
Dave Elliott, chief investigator of the Insolvency Service, said: “This so-called ethical investment scheme was a scam, pure and simple. Sadly, it has robbed a number of elderly people of a large chunk of their life savings.
“This case should demonstrate to any other directors who may be tempted to mis-use third-party funds that the Insolvency Service will investigate, and we will also support a criminal prosecution if necessary.”