We are pleased to announce that, at a hearing in the High Court in London on 27th March 2019, the Judge granted a winding up order over Clear View Marketing Services Ltd, the operator of the scam digital currency known as the European Property Coin.
Over the past year Safe Or Scam has attracted enquiries from more than 50 investors who purchased these fake coins. We worked closely with two investors to have their debts recognised by the UK courts and then to progress their cases through the UK legal system so that they could make an application to wind up the company.
The criminals behind Clear View Marketing Services (trading as Clearview Trading) knew this was coming. They proceeded to declare themselves as being in liquidation and they advised investors to deal with a fake liquidation company. That fake liquidation company was called Asset Recovery Network. There is a genuine company called Asset Recovery Network (UK) Ltd. We spoke with the director of the company and are satisfied that the crooks were just using their name. The director has since filed a report with the Police and we are helping them with their enquiries into the follow-up scam.
The people behind the fake Asset Recovery Network advised investors that their coins had been sold and they had made a substantial profit. It is the usual follow-up scam where they ask investors to pay a fee in order to release the money. Once that fee is paid the money never arrives.
When a company is wound up the Official Receiver, a UK government department, is appointed to handle an investigation into the company’s affairs. The Official Receiver has the discretion to appoint another licensed insolvency practitioner to take over the investigation. We have proposed to investors that they consider requesting the OR to appoint a third party liquidation firm which has more substantial resources than the OR, including a forensic accounting team which is likely to be needed in this case. We have now identified 32 UK bank accounts used in the scam.
The chances of recovery are not great. However, these scams cannot be established without the support of sales agent companies, accountants and banks. If the insolvency practitioner suspects collusion in the fraud or unjust enrichment he can demand the repayment of those sums and recommend a prosecution to the Police. We will be looking closely at the legal rights for confiscation of assets. The 32 bank accounts will also bring some of the crooks out into the open for criminal charges so we are hopeful that some of the money can be recovered.
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