Ex-boss of failed UK platform Avalon charged with fraud

Added 1st August 2016

The former boss of collapsed UK platform Avalon Investment Services is to appear in court next week in connection with alleged fraud offences, British authorities have confirmed.

Ex-boss of failed UK platform Avalon charged with fraud

British police told International Adviser on Monday that Avalon’s former managing director Harry Kerr will appear in court next week on two charges of fraud by false representation and one count of acting with intent to defraud the UK tax authorities.

“We can confirm that a 60-year-old man from Gloucestershire has been summoned to appear before Warwickshire Magistrates' Court on Wednesday 10 August,” a Warwickshire and West Mercia Police spokeswoman said.

“This appearance is in connection with alleged fraud by false representation and acting with intent to prejudice/defraud HM Revenue and Customs (HMRC).”

The Sipp administrator boss, who also ran an advisory firm, was arrested last August over allegations of fraud.

Avalon’s collapse

Avalon Investment Services entered administration in February after it lost a civil claim brought against it by businessman Michael Bennett.

Kerr promised Bennett he would raise money for two farming projects, which never materialised. Bennet won his claim against Kerr and Avalon, costing the company £2m (€2.4m, $2.6m).

The firm’s books of £300m of assets and Sipps of around £140m were subsequently acquired by M&A firm Embark Group, the parent company of UK Sipp provider Hornbuckle.

Kerr’s advice firm, Market Place Financial Services, also went bust in February over a £3m debt it owed to a biofuel company chaired by British politician Tim Yeo.

Kerr was declared bankrupt last year and left Avalon in October. 

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About Author

Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.



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