Heritage FA Limited, which marketed and sold colored diamonds and other commodities to the public for investment, has been officially ordered into liquidation. An investigation found that vulnerable and elderly individuals were being targeted and aggressively sold investments in fancy colored diamonds and rough diamonds, as well as gold, fine art and oil wells. It was discovered that at least £7 million (around $10 million) was raised from investors generating commission of over £2.5 million (about $3.5 million) before the company was forcibly closed.
Chris Mayhew, supervisor at official agency Company Investigations, said: “This company promised safe and spectacular investment returns but simply delivered a hole in the pocket for investors. The Insolvency Service will continue to take robust action whenever serious failings are discovered and in particular against contemptible companies as here preying on vulnerable investors.”