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PGI Global UK has been dissolved for allegedly defrauding prospective investors of approximately $709,000 between July 2020 and February 2021. During this period, PGI received over £612,425 from potential investors in three different bank accounts maintained by the company.
PGI - Part of Praetorian Group International Trading Inc
According to reports, PGI is a component of Praetorian Group International Trading Inc., whose website was eliminated by the US Departments of Justice and Treasury, consequently, a search order granted by the US District Court for the Eastern District of Virginia. At least £195,000 went to personal accounts through the accounts, and £10,000 went to a high-end retailer. According to a Thursday posting on the U.K. Government website, the Official Receiver has been selected to serve as the firm's liquidator after the U.K. High Court dissolved the business.
Profits Up to 200% to Investors
The U.K. Government claimed that investors were offered profits of up to 200%. However, investors failed to withdraw their invested money when these did not materialize. Due to PGI's lack of collaboration, inability to preserve and submit acceptable financial records, failure to conform with statutory responsibilities, and insufficient transparency, the company's liquidation was deemed a matter for the general public.
Companies Act’s Regulation
Chief Investigator of the Insolvency Service Mark George stated that as a result, those who conduct their enterprises or themselves under the safeguards of limited liability must conform to the Companies Act's regulations. He further stated that this case serves as a reminder that where there are legitimate concerns about a company's business activities, the court will consider any refusal to cooperate with a statutory investigation unfavorably and will dissolve the business in the general public.