Director of Solar Energy Savings Limited, Stephen-Rievaulx Wilson, has been disqualified for 13 years after conning customers into cashback schemes when buying solar panels.
The insolvency Service investigation found the scam was based around a selling ploy to offer a cash back guarantee to customers with the cost being fully repaid in five to seven years. They claimed the scheme was backed by a major financial institution, however there was no scheme or safeguard to protect customer’s money and no evidence of a plan to repay them.
The company was wound up compulsorily in the Public Interest in July 2012 and owed over £13million to creditors and shareholders. 1,014 customers who had entered the ‘scheme’ claimed £11,837,589 in total.
The Official Receiver, Ken Beasley, involved in the case commented, “Many unsuspecting members of the public were misled by Solar and decisions to purchase costly solar panels were based on money back guarantees. Mr Wilson provided these customers with literature and glossy brochures falsely representing the cash back scheme to induce them to enter into contracts.”
“Mr Wilson's disqualification demonstrates that the Insolvency Service investigates serious director misconduct and exercises its enforcement powers to remove dishonest and unscrupulous directors from the market place."