Two men behind an Essex firm which took £800,000 from investors who thought they were investing in an ethical 'water' bond have been banned as directors for 11 years.

Michael Lee Livesey, 41, and Ross Perry, 41, both from Basildon , were directors of Global Water Group Ltd, a firm which claimed to sell ethically-based, investment bonds supporting water projects around the world.

The duo's ‘ethical water’ investment scam pulled in over £800,000 from investors, some of whom were elderly and lost a chunk of their life savings.

There is no indication from the FCA register that Global Water Group Ltd (company registration no. 08281985) was regulated by the FCA.

The water bond investment was advertised on the internet and promised investors the company was supported by, “a high level network of investors in, and advisers on, issues related to water supply."

The firm claimed that backers included, “heads of state, leaders in the global water industry, leading universities and academic institutions, wealth management firms, philanthropists, pension funds and high net worth investors.”

The duo secured at least £800,000 from investors between 2017 and 2020 but when Mr Perry, who had taken over as director from Michael Livesey in October 2019, put the business into liquidation in May 2020, the liquidator was unable to identify “a single genuine investment.”

Over £200,000 had been withdrawn in cash from the company’s bank account between 2018 and 2020, and a further £100,000 payment had been made directly into Mr Perry’s personal bank account.

Both the men have now signed 11-year disqualification undertakings, which run to 2032, after action was taken by the government’s Insolvency Service.

Dave Elliott, chief investigator of the Insolvency Service, said: “This so-called ethical investment scheme was a scam, pure and simple. Sadly, it has robbed a number of elderly people of a large chunk of their life savings.

“This case should demonstrate to any other directors who may be tempted to mis-use third-party funds that the Insolvency Service will investigate, and we will also support a criminal prosecution if necessary.”