November 2018

Safe Or Scam is working with investors in the StratXMarkets binary options scam.

In recent weeks we have taken major steps forward in identifying the parties responsible. We are focused on the money trail and expect in the near future to be able to positively identify some of the people who stole investors’ money. This would represent a major breakthrough in a sector where the perpetrators are often able to avoid justice and go to great lengths to hide their identities. Binary options scams like StratXMarkets and Delta Capital Markets have stolen tens of millions of dollars from ordinary investors. We will publish more on developments in January 2019.

If you would like to learn more about binary option scams please visit our stand-alone website HERE.

To view our previous blog comment please click here. 

Safe Or Scam is looking into the activities of PDC Prosperity Management (Cyprus) Ltd on behalf of a number of concerned investors. Safe Or Scam was approached by investors in Bentley Court and Parkwood Court tower blocks in Keighley, West Yorkshire.  

Prosperity is a property developer which sells unattractive properties due for refurbishment using funds raised from individual investors. They offered an innovative funding mechanism whereby 50% of the purchase price could be paid over 5 years by a “guaranteed rental” scheme at 10% per year, alongside a claim that the properties are being sold at significant discounts to market values. It is certainly a unique purchase model. There are several aspects of the Prosperity portfolio offerings which have attracted our attention. The portfolio being offered to investors includes large tower block properties in Yorkshire and Birmingham.

At this stage it is not possible for us to say whether we have any concerns at all over the sale of properties at Bentley Court and Parkwood Court. We would always urge caution over any new and innovative funding mechanisms which contain the promise of guaranteed rental payments. Our experience is that guaranteed rental payments rarely run their full term and those that do often contain an element of the investor having been overcharged for the property in the first place. In that case all that is happening is that the investor is being paid back some of their own money dressed up to look like a rental payment.

Some European Property Coin investors, with the assistance of Safe Or Scam, have begun taking positive action to reclaim their investments. The EPC scam is coming to an end and the perpetrators are becoming increasingly desperate to squeeze more money from investors. The promise that there will be a listing of these worthless fake coins is wearing very thin.

Fortunately we now have a very strong lead in identifying the real name of the company director who calls himself David Jones. He is registered at Companies House as David Jones but this is a false name. In our opinion investors already had a strong case against Florian Pierini but this is made even stronger by the fact that the company has continued to obtain money by deception.

We will be writing to all investors who have contacted us before the end of the year. At that point we expect to be able to declare the identity of David Jones.

DO NOT pay any money to European Property Coin or to Clear View Marketing Services Ltd. We have repeatedly warned people that EPC is a scam.

Safe Or Scam undertook a review of the Platinum One project at the request of an investor. The company running that project, Golden Sands Developments Platinum Ltd, is now in administration along with several other companies controlled by the director Ameerali Bin Abas.

Mr Abas was disqualified as a company director in June 2018 for a period of 10 years. This was in connection with his involvement in Absolute Living Developments Ltd.

SOS is investigating all of the companies previously controlled by Ameerali Bin Abas to determine whether there is the potential for a group recovery action.

Essex Police have concluded their fraud investigation and passed the case to the Crown Prosecution Service for consideration. The liquidator Begbies Traynor has referred their investigation to the Official Receiver.

SOS has been working with a UK law firm to investigate recovery opportunities. The law firm is in contact with the Official Receiver and we hope that the OR will be prepared to circulate details of the proposal before Christmas. See separate website

Following a recent newspaper article in the Daily Telegraph describing an action launched against Central FX by more than 50 investors in the Bar Works Inc Ponzi Scheme, SOS met with the appointed solicitor to review the evidence gathered by SOS investigators.  The outcome of that meeting is that we expect the solicitor to initiate the next phase of the recovery action before Christmas.  The claim is in excess of $5 million.  The solicitor is in discussions with UK authorities to agree the reporting procedure and SOS will be updating the evidence bundle to allow the claim to progress.

Investors in St Helier Capital Management Ltd are now ready to take the matter to court. SOS has been gathering more evidence against St Helier and its director Simon Whittley. It appears Simon Whittley is no stranger to court appearances, the majority of which relate to failures to pay creditors.  One of our clients is 90 years old and we are determined to see him awarded a full refund and obtain a judgement against Simon Whittley. See separate website 

To view the previous blog comment on St Helier Capital Management click here