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Friday, 22 January 2010

Templar Vintners Ltd: warning by Guernsey authorities

This afternoon the Guernsey Financial Services Commission has issued the following warning about Templar Vintners Ltd:

'Warning – Templar Vintners Ltd

22 January 2010
It has been brought to the Commission’s attention that the above-named entity is operating a web site with an address of The web site includes downloads of articles purporting to have appeared in well known publications. One such article includes an advertisement for The Templar Vintners Fine Wine Fund in which it claims to be authorised by the Commission as a Class B Collective Investment Scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 1987.

The purpose of this notice is to warn potential investors that the company is not licensed, authorised or in any way regulated by the Commission for the conduct of any financial services business in or from within the Bailiwick of Guernsey.

Investors are urged to always check the regulatory status of a company before entering into any contract.

If you require further guidance please contact the Commission’s Intelligence Team on (+44 1481 712706).'

Having brought Templar Vintners Ltd's 'doctoring' activities to GFSC's attention only yesterday, I am delighted by the Commission's prompt action. The warning can be viewed on the GFSC site here.

In the light of the Guernsey warning it is interesting to turn to the UK 2006 Fraud Act, in particular the section on false representation:

2 Fraud by false representation
(1) A person is in breach of this section if he—
(a) dishonestly makes a false representation, and
(b) intends, by making the representation—
(i) to make a gain for himself or another, or
(ii) to cause loss to another or to expose another to a risk of loss.
(2) A representation is false if —
(a) it is untrue or misleading, and
(b) the person making it knows that it is, or might be, untrue or misleading.
(3) “Representation” means any representation as to fact or law, including a representation as to the state of mind of—
(a) the person making the representation, or
(b) any other person.
(4) A representation may be express or implied.
(5) For the purposes of this section a representation may be regarded as made if it (or anything implying it) is submitted in any form to any system or device designed to receive, convey or respond to communications (with or without human intervention).

See earlier posting about Templar Vintners Ltd here, including comment from Andrew Griffiths, a director of Templar Vintners Ltd.

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