Monthly Archives :

May 2019

Osage 1 Ltd

Osage 1 Ltd 400 267 Adam Reeves

Earlier this week Osage 1 Ltd, one of the scam UK oil companies operated by Glenn King, Martin Finch and David Hyman, was taken to the High Court in London over an unpaid royalty debt. The company allegedly invests in oilfields in Oklahoma.

The claimant was a Safe Or Scam client. A few days before the hearing our client was paid in full by Martin Finch and withdrew his claim. However, a second SOS client had registered a claim for an unpaid royalty debt and was allowed to continue the case. A new hearing will take place in a few weeks.

It remains unclear who paid the debt to our client. It appears likely that it was not Osage 1 Ltd. Martin Finch initially tried to route the payment through an organisation which handles import – export transactions. They declined to make the payment citing inadequate anti-money laundering documents. The second attempt came via a Western Union transfer and was successful. As is usual with Martin Finch’s companies, the source of the payments is always hidden.

We have seen correspondence between our client and the solicitor for Osage 1 Ltd where our client has twice asked the solicitor to identify the source of the payment and has not received a straight answer. Our client is concerned that he may unwittingly be a party to a money laundering operation. All it would take to reassure him would be confirmation from the solicitor that the money came from an Osage 1 Ltd bank account. The law firm seems reluctant to give that confirmation.

This calls into question how the law firm is going to be paid. Is it going to accept payments made via Western Union from an unknown source ? An honest law firm would question why their client, a UK company, isn’t paying them from a UK bank account.  The shareholders in Osage 1 Ltd have waited almost 12 months to be paid their royalty with Martin Finch claiming the delay is due to not having “a platform” to make the payment. This is one of the weakest and most incredible excuses we have ever heard. It calls into question how Osage 1 Ltd is going to be able to pay the legal bills. We doubt that its law firm is going to wait a year for payment. Logic suggests that if it can pay the law firm and our client without using “a platform”, it can pay the other 200 shareholders too.

The law firm representing Osage 1 Ltd is Meaby & Co. This is the same firm which represented Glenn King over the Oakmount oil scam.  

To view the previous blog post on these oil companies click HERE 

Safe Or Scam has a website on the oil companies linked to Glenn King operating from Suite 11, Braxted Park Road, Great Braxted, Witham. They are Osage 1 Ltd, Phenco Ltd, Kansas MB Project Ltd, Kansas B2 Project Ltd, Sooner Energy SPV-1 Ltd, Tristone Holdings Ltd and Oakmount. You can visit the website using this LINK.

 

Prosperity Developments

Prosperity Developments 450 559 Adam Reeves

Safe Or Scam has started an investigation into three more Prosperity developments. We are interested in Tameway Plaza, The Parade, and Prosperity House.

Prosperity is still promoting its latest developments in Birmingham and Halifax. The company has not responded to a claim for compensation from a law firm representing almost 70 dissatisfied investors in its other developments. Buyer complaints include inflated valuations; shoddy workmanship; poor quality fittings; lower rental incomes than were described in the promotional material; guaranteed rentals that never materialised and a lack of response from Prosperity to valid customer complaints.

Prosperity appears to be focused on making sales and not supplying the properties that buyers were expecting. The complaints of mis-selling and customer abuse are growing.

There is also a question mark over whether Prosperity has been complying with anti-money laundering regulations.

Finally, there are serious concerns over the performance of the law firm recommended by Prosperity to represent investors in the purchase of their properties. Questions have been asked by a solicitor representing unhappy buyers.

When all is considered the Prosperity offering represented, at the least, a very poor deal for investors. At worst, it broke several UK regulations related to the protection of consumers and may be the subject of future prosecutions.

Further information on the action can be found on our SOS Investigations Page.

 

binary option scams

Binary Option Scams

Binary Option Scams 300 200 Adam Reeves

On 22nd May 2019 one of our clients will be represented in the High Court in London in a case involving Access Corporate Ltd, a money mule which collected investment money from investors on behalf of binary option scams. One of these companies was operating under the trading name of StratXMarkets.

Binary Option scams were widespread between 2015 to 2018 before financial regulators around the world took action to make this form of trading a regulated activity. Most of the companies offering these trades were scam companies. Many of them claimed to be incorporated in the Marshall Islands although there is no evidence to back up whether any of those companies actually exist. The Marshall Islands is a highly secretive jurisdiction. 

The lack of information on the companies made opening bank accounts difficult which is why many of them used money mules. Money mules are individuals or companies which are prepared to allow their bank accounts to take in investors’ money on behalf of the binary option scam companies. They then pass that money on to the scam companies or to another money mule which is also part of the chain. Money mules are playing a risky game because they are accessories to fraud and can be prosecuted.

We have several of these money mules in our sights and are having some success in tracing them and taking them to task. Investors often believe that once a binary option scam company has disappeared they have no possibility of ever finding them and recovering their money. That is not always the case. They often leave a trail. It is not a quick and easy process to trace these people but in many cases it can be done.

The owner of Access Corporate Ltd, Mr Derrick Williams, is a wealthy individual with a house near London valued at £1.8m and a villa in Spain. It is unclear how he made his money, but we think we know how he made some of it…..   

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