New York, yes, Paris, maybe, but you wouldnt think the tiny Welsh town of Blaenau Ffestiniog likely to be the centre of a million-pound art investment fraud.
In fact the Insolvency Service, a government agency connected to the Department for Business, Energy & Industrial Strategy, has wound up two fraudulent art investment schemes, one in Blaenau Ffestiniog, the other in Birmingham. Between them they appear to have abused at least 1.4m of investors money.
Halifax Mannin Ltd, based in Blaenau Ffestiniog, and Birminghams Hey Design Services Ltd were wound up in the public interest on 1st March 2019 at the High Court in Manchester before District Judge Bever. The Official Receiver has been appointed liquidator of the companies.
The two comp…
Read the full article at: https://www.artsandcollections.com/insolvency-service-winds-up-fraudulent-art-investment-companies/