access corporate

Access Corporate – May 2019

Access Corporate – May 2019 400 267 Safe or Scam Support

Access Corporate Ltd was a money mule company used by the binary option fraud which operated under the name of StratXMarkets.

SOS was able to trace some of the payments made by a client to a Metro Bank account which we believed was owned by Access Corporate Ltd. We challenged the company over its relationship with StratXMarkets and were not happy with the response we received. We then assisted a client in taking remedial action through the UK court process.

On 22nd May 2019 a Judge at the High Court in London issued an order to wind up Access Corporate Ltd. The case was brought by a Safe Or Scam client who had lost a considerable sum of money in the StratXMarkets scam.

There will now be an investigation into the company by the Official Receiver or by an insolvency practitioner appointed by the Official Receiver.

The company director, Mr Derrick Williams, had tried to avoid an investigation by placing Access Corporate Ltd into a company voluntary liquidation before the hearing. If creditors do not act quickly when a CVL is initiated it gives directors an opportunity to push through a very quick liquidation with no investigation. Mr Williams had already appointed his own preferred liquidation firm and had provided it with a list of creditors. That list did not include our client. Clearly there was an intent to speed through a dissolution without fully informing the liquidator of all creditors.

The liquidation firm was contacted and informed of our client’s claim. The result was that the court case was allowed to proceed and a judgement was made in favour of our client. There will now be a proper and detailed investigation into the business of Access Corporate Ltd. We expect the investigation to have both financial and criminal repercussions for the company director.

There were several other money mule companies involved in StratXMarkets and we are now turning our attention to those companies.

To view the previous post on StratXMarkets please click HERE

binary option scams

Binary Option Scams

Binary Option Scams 300 200 Safe or Scam Support

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…..   

StratXMarkets – 2

StratXMarkets – 2 150 150 Safe or Scam Support

A legal action was started in November 2018 against Access Corporate Ltd, a cash mule company used by the StratXMarkets binary option scam.

Safe Or Scam has been working with clients who paid $500,000 into the bank account of Access Corporate as an investment into StratXMarkets. We helped devise the strategy which has led to Access Corporate Ltd being required to attend a hearing at the High Court in London at the end of February 2019.

The registered office of the company is described on this Companies House link as 36 South Approach, Northwood, HA6 2ET.

Legal papers were served at the registered office which the Process Server described as a large residential house on a golf course. Rightmove estimates the value of the property at more than £1.6m.

The response of the director of Access Corporate Ltd to Stage One of the legal action was to declare that “the company has never had a contract or agreement with the investor”. That response was deemed inadequate. The company was charged by our team with taking in $500,000 of investors’ money to which it was not entitled and being part of a scheme to defraud investors. The director conveniently avoided mentioning the money or the bank account in his response.

Following our client’s rebuttal of the company’s response, Access Corporate Ltd appointed a law firm to defend itself against the claim. Unfortunately it was too late. The solicitor raised a series of objections but was outside of the time allowed under Stage One. The objections were registered two days after the deadline laid down by law. We had already moved onto Stage Two.

The company’s solicitor claimed that although the sole director of the company owned the registered office property where the papers were served, he is rarely there as his main residence is his villa in Spain. That is no defence. A plaintiff is required to serve papers at a company’s registered office and it is irrelevant to the plaintiff if the company director is never there.

At Stage Two the company had another time limit in which to respond to the new legal papers. It did not do so by the deadline.

Access Corporate Ltd will have the opportunity to defend itself in court. We will be demanding an explanation as to the role of Access Corporate Ltd in this investment and evidence of where investors’ money was sent once it was received by Access Corporate Ltd. We are making excellent progress in exposing this scam.

There are at least three other companies which acted as cash mules for StratXMarkets and took in money from our clients. An action has already started against one of those companies. Actions against the others will follow.

For more information on the binary option scams we are investigating please visit our separate website here.

To view the previous blog relating to StratXMarkets on this website please click here


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