scam

Carlauren Group

Carlauren Group 2000 1333 Adam Reeves

Carlauren Group sells bedrooms to investors in what it primarily describes as “care facilities” e.g care homes.  An associated Carlauren company then rents those rooms back from investors paying an annual rent e.g 10%.  So…. an investor buys a room for £100,000 and receives £10,000 per year in rental income.  It sounds a pretty good deal to most investors.

Following our letter to investors in which we made a number of negative statements about the investment, Sean Murray and Andrew Jamieson, the key men in the company, have responded.  In the interests of fairness we are publishing below some of our statements and the Carlauren response.  We made a lot of statements so we will publish more in later blogs.

Statement 1:  “The majority of the Carlauren Group companies are heavily in debt. Many of those debts have been secured against the communal areas which investors do not own””.

Carlauren Response:  “Carlauren uses Together Commercial Finance Ltd to initially purchase its properties and immediately settles its lending within weeks of completion by our clients. We can tell you that no Carlauren properties held under Carlauren Group Ltd have any lending whatsoever from Together Commercial Finance Ltd (“TCF”)”.

Our Reply:  We think you are being clever with your wording Mr Murray.  Carlauren Group Ltd does not own the freeholds to any properties so we agree it has not incurred any debts.  However, each property is owned by a separate SPV company and there are more than 20 of them.  Those companies have the debts.  The records of charges filed at Companies House show that in the main the purchase of the properties is financed by TCF exactly as Mr Murray describes.  The records also show that in the main the debt is paid off with money raised from investors, exactly as Mr Murray describes.  There is a good reason for that.  The original debt is against the entire property and some bedrooms have now been sold therefore the debt must be cleared.  However, once the debt is cleared the Carlauren SPV then takes out further debts from TCF.  Each time the security is the property’s communal areas which the Carlauren SPV owns.  Many of these debts have been taken out in 2019.

Statement 2:  “We can prove the investments were mis-sold to investors at inflated prices”..To support this statement we provided details of three randomly selected Carlauren properties.  Let us look at one of them – Rosewell Country Home.  This property was closed when CHF 2 Ltd bought it in March 2017.  It is still closed.  CHF 2 Ltd paid £1.3m.  It sold the bedrooms off to 51 investors for £5.4m.  In January 2019 CHF 2 took out a debt against the communal areas.  The lender was TCF.  Companies House records and Land Registry records show that debt is still outstanding.

Carlauren Response:  “Property hotel value is based on the trading of it, along with the land value.  The valuation consists of a land value and a trading value”.

Our Reply:  Yes, but this property was closed when Carlauren bought it and has remained closed.  There is no trading value.  However, the good news is that until recently 51 investors have been receiving their 10% rentals on the closed property.  That means they have received more than £1m in rentals from a closed, non-trading hotel.  This brings us to Statement 3.

Statement 3:  Investors were paid rentals from their own money and from the money of new investors.  We have seen this many times and on each occasion the investment turned out to be a Ponzi Scheme.

Carlauren Response:  NO COMMENT.

Finally we would like to draw attention to the Carlauren letter of 10th July 2019 in which they state:

“In other news, the company has now started its retail international holiday sales programme beginning with China.  Our loyal partner, Paul Murphy is in transit today to meet with China’s most prestigious holiday outlet supplier…..”

Aaaah…… Paul Murphy the loyal partner.  Some of the people who have been lucky enough to meet Paul Murphy have confirmed that he is the Paul Daniel Murphy in this newspaper report (2nd row on the left).  He was sentenced to 6 years in prison for investment fraud. 

He seems to have the perfect credentials to be a “loyal partner” of Mr Murray and Carlauren Group.

The letter of 15th July 2019 from Sean Murray and Andrew Jamieson is an attempt to scare investors into thinking that an independent administrator is going to charge £350,000 per month for their work. That is just ridiculous. Yet in the same letter after stating “administrators do not work for free” he says that he is considering potentially appointing administrators !

Investors need to be very wary of supporting an administrator appointed by company directors. A Carlauren administrator would be tasked with protecting the company directors and not in finding out where investors’ money has gone.

To view our previous post on Carlauren Group please click HERE

binary option scams

Phenco Oil

Phenco Oil 300 200 Adam Reeves

An update to Phenco oil investors was sent out by Martin Finch on 4th April 2019. In brief it said [paraphrased]:

Chainbox Technology has been contacted by several shareholders and Safe Or Scam. As a result Chainbox has decided to withdraw its services for the time being.

Martin Finch now has to start from scratch finding a company solely geared to distribute payments to a large number of shareholders for as little fees as possible.

There then followed a paragraph about progress at one of the sites, along with some photographs. We aren’t interested in that aspect because we would remind investors of three oil investments in Illinois which were established and sold by UK companies between 2012-2014. Those investments were:

Rocky Point Energy  /  Armadillo Energy  /  Hockley Energy

All three of those investments provided investors with photographs of progress. They also welcomed investors to the well sites to see for themselves. Unfortunately none of the wells in the photographs and none of the sites were actually owned by the companies. They were scams.

We are not saying that the photographs provided by Phenco oil are fake. The fact is that nobody knows. The history of previous US oil scams proves these things are easy to fake. What is not in doubt is the fact that Mr Finch has taken in around £15 million for five oil companies and yet shareholders know absolutely nothing about the US companies involved or where most of the £15 million went. All we do know is that the money didn’t go into the purchase of assets.   

In our contact with Chainbox Technology we described the fact that the five oil companies had used Jade State Wealth to make payments. We described three known scams which had also used Jade State Wealth. One is in administration and two are in liquidation. One of them is the subject of a fraud investigation and we fully expect the other two to also become the subject of fraud investigations. We asked the owner, Mr Spurling, to provide us with reassurance. Our request is copied below:

I am writing to ask for your assurance that you have checked out the source of funds paid out to shareholders in all five [oil] companies and you can emphatically verify that neither yourself nor any of your companies are involved in illicit transactions or money laundering. We will post your reply online.

Whilst you may feel that it is acceptable for 70% of a new shareholder’s investment to be paid out in fees and commissions, we do not. We regard that as a scam.

Mr Spurling did not respond. However, Mr Finch did respond even though we did not write to him. His response was that we should leave Chainbox alone.

So now it appears that Mr Finch does not have “a platform” to make the payments to shareholders. We have a solution for him. He could use a company called PHENCO LTD.

Hundreds of thousands of companies in the UK manage to make payments to their shareholders so why can’t Phenco oil itself make the payments ?

The last filing on the register at Companies House shows that Phenco has 194 shareholders. That is not a large number. Payment can be done very easily in one day. Most UK bank accounts allow multiple payments to be made online via bank transfer. Even with “a platform” Mr Finch has to provide the platform with the bank details of every shareholder and he has to tell the platform how much to pay each shareholder.

It’s very odd that Phenco can produce royalty statements for every shareholder showing the percentage and amount they are owed, but can’t then press a few buttons and make the payment. Surely having to give all the information to a platform is much more time-consuming than Phenco just making the payments itself.

Mr Finch’s excuses do not make sense. It appears that he goes to great lengths to ensure that shareholders cannot trace the source of the payments. He uses offshore currency exchange services and then a payment distribution provider. Although his UK companies allegedly have the contracts with US counterparts the royalties are never paid into the bank accounts of the UK companies. That is a very strange arrangement which raises questions about money laundering and the tracking of payments.

Mr Finch is the only employee of Phenco Ltd. He could process the payments in one day. If he did it himself he would save the company a lot of money.

So there is the solution. Phenco Ltd could pay its own shareholders from its own UK bank account.  

To view the next update on the Phenco oil scam please click on this link.

 

European Property Coin – 6

European Property Coin – 6 150 150 Adam Reeves

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.

Shepherd Cox

Shepherd Cox 150 150 Adam Reeves

Shepherd Cox Ltd aka The Shepherd Cox Group “operates in a range of market sectors including residential, commercial, hotel and leisure” according to an email received by Safe Or Scam on 26th February 2019. The email was from Adam Stanborough, Founding Partner of the Shepherd Cox Group. It was very brief and only contained the following statement:

“Further to your website http://careroominvest.co.uk, please remove the reference to Shepherd Cox. Your accusations are untrue and are not supported by any evidence.”  We have actually taken down that website now because it served its purpose.

We make no secret of the fact that we are very concerned over care home room and hotel room investments. These are very high risk investments but are represented as being low risk. We took a look at Shepherd Cox Ltd and could find no reference to Mr Stanborough being “a founding partner”. He certainly isn’t listed as one at Companies House.

Then in a bizarre twist on 28th February 2019 we received an email from James Yarker, Sales Director of Fortem Global Ltd, one of the unregulated sales agent companies selling this high risk investment. Their email was also very brief and said:

“Further to your website http://careroominvest.co.uk, please remove the reference to Fortem Global. Your accusations are untrue and are not supported by any evidence.”

This surely has to be the height of laziness i.e to write exactly the same two sentences as Shepherd Cox but just replace the words ‘Shepherd Cox’ with the words ‘Fortem Global’. Needless to say they did not identify the parts of the website that they take issue with. We stand by our comments about these high risk schemes.

On 6th March 2019 we received another email from Adam Stanborough. When we say another email it was simply the exact same email he had sent on 26th February. Presumably we will get another one from Fortem Global very soon.

We are genuinely concerned for investors who have invested in care home rooms and hotel rooms. We are now undertaking a more thorough investigation of Shepherd Cox group and would like to hear from investors in any of their products whether it be residential, hotel rooms, commercial or leisure. Please contact us.

Please click HERE to read our blog on THE CARE HOME GROUP which sells bedrooms in care homes, or click HERE to read our blog on SIGNATURE which also specialises in the sale of hotel room investments, amongst others.

Please click on this link to see our more recent article on six Shepherd Cox hotel companies which are being taken to court by investors.

 

The Care Home Group

The Care Home Group 150 150 Adam Reeves

THE CARE HOME GROUP / CARLAUREN GROUP

The Care Home Group Ltd is part of the Carlauren Group Ltd and offers investors the opportunity to purchase individual bedrooms in care homes. The business model is very similar to that of companies which offer hotel rooms to investors, except for the fact that The Care Home Group Ltd offers investors a choice of income options. In our opinion this is a very high risk investment. If the company operating the care home walks away or goes bust, the investor is left with one room in a large building which would be almost impossible to sell. Any prospective purchaser would have to deal with 30, 40, 50 or more separate room owners, often spread around the world with different expectation levels, and this would inevitably result in a much lower sale price for the home. There is a genuine danger that the empty care home would deteriorate without ongoing maintenance which, in most cases, investors would be expected to finance. What is worse with a care room investment compared to a hotel room investment is that a failure of a care home drastically affects the lives of vulnerable people. In a hotel situation the hotel just declines to take any more bookings. In a care home there will be elderly residents faced with uncertainty and having to move to a new home.

When we see “guaranteed buy-back” schemes it always raises a red flag with us. More often than not the company contracted to buy-back the unit does not have the funds to do so. By the time the buy-back is due the company has found a way out of it or has dissolved and doesn’t exist anymore.

If you or I were to buy a house we would be able to obtain an independent valuation on the property. However, room investments invariably have no independent valuation of the room. How can a valuer assess the value of a care room which is wholly dependent upon the quality and longevity of the care home operator ? When an investor buys a room they are not actually buying a property although it is made to look like that. They are buying into the care home business itself because without the business the room is virtually worthless. It seems to us that too many operators make up the valuation based on what they say they will pay in rental e.g if they promise to pay rental of £10,000 then a room in their eyes is worth £100,000. If they promise to pay £8,000 in rental then the room is worth £80,000 and so on. There is no sense in this approach because if the company goes bust and pays NIL in rental then it suggests that the room is worth nothing, which ultimately is not going to be too far from the truth.

Who owns TCHG and Carlauren Group ? When you strip it down to bare bones it is one man – Sean Murray. Mr Murray also owns a private jet business and has more recently moved into establishing a bizarre cryptocurrency based on his own business. In the future, the families of residents in the care home will have to buy his cryptocurrency and pay for care services using this currency. What on earth is going on ? How long will it be before the rental income paid to investors will have to be paid in Mr Murray’s strange cryptocurrency ? So….. in a nutshell, families will pay genuine cash for a cryptocurrency fabricated by Mr Murray. Does this sound normal to you ? It rings alarm bells with us. We are already involved in exposing dodgy cryptocurrencies and trying to recover investors’ money from those kinds of investments. We will be following this new scheme very closely.

We are inviting investors in Carlauren Group, The Care Home Group and indeed any other care home room investment to contact us with details of their investments. We believe the schemes may breach Financial Conduct Authority regulations and may be unlawful. We are looking into these aspects.

If you would like to read about some of the risks involved in owning rooms within a larger premises please take a look at this BLOG.

Tristone Holdings Ltd

Tristone Holdings Ltd 360 240 Adam Reeves

Tristone Holdings Ltd is a new oil investment offered by the people behind Osage1, Phenco, Kansas MB, Kansas B2 and Sooner Energy.

The original five oil companies operate from this address – Suite 11, Braxted Park Road, Great Braxted, Witham.

Tristone Holdings Ltd operates from Suite 11a, Braxted Park Road, Great Braxted, Witham.  There is no Suite 11a.  It must be a desk and chair in Suite 11…..

Glenn King has been touting Tristone Holdings around various sales companies in an attempt to raise another £4m+ from investors. This will be disappointing news to the 700+ investors in King’s other oil companies who have not been paid their quarterly returns for the past nine months. At Companies House these five original companies are shown as being run by Martin Finch, however there is no doubt that Glenn King and David Hyman are the people establishing and controlling these companies.

Tristone Holdings Ltd is selling its own shares to investors (much the same model as with the other oil companies), but this time instead of using unregulated sales agents to sell the investments, working unlawfully from hard-sell scripts provided by Glenn King, it has gone fully regulated and is selling Tristone through regulated channels. It does bring into question the honesty and integrity of some FCA-regulated companies.

Of course, there is no mention of Glenn King being involved because that would be the kiss of death to the investment. Neither is there any mention of Martin Finch. It seems that his links to the failing oil companies are not a good selling point.

So, if Martin Finch has been dropped from the team, who actually makes it into this select group. Well, there are the usual suspects based in the USA. Unsurprisingly, Rick Coody is one of them. It must be very difficult for Glenn King to find anyone to join the team with the reputation that he, Hyman and Finch have. Rick Coody is known to investors in the five UK oil companies because he is also listed as being one of the US-based members in their teams. He already has a conviction for fraud relating to an oil investment so he is ideally suited to be in the Tristone Holdings team.

There is also mention of UK company, Venture Equity Ltd, being the fourth member of the team, whilst also being the corporate director of Tristone Holdings Ltd.

As you may have guessed, the registered office of Venture Equity Ltd is Suite 11, Braxted Park Road. It must be very difficult to move in that small office with so many companies allegedly working out of there.

According to the Information Memorandum “[Venture Equity] has previously engaged in capital raising ventures within the oil and gas sectors….” What that statement fails to mention is that the fundraising was for Finch, Hyman and King enterprises and all have ripped off investors by paying huge commissions and fees from investor subscriptions, typically 50% – 70%, to Glenn King and his associates. 

What the Information Memorandum does not mention is that there is another director of Tristone Holdings Ltd. Odd that it doesn’t mention him. That director is Mr Henry George Berry. Why no mention of him in the sales literature ? Why no mention of Henry George Berry being in the team ? Could it be that he, like David Hyman, has learnt the value of hiding in the background and keeping a low profile ? Not only is Mr Berry not mentioned as being in the team, on page 5 where it actually lists the directors of Tristone Holdings Ltd there is only Venture Equity Ltd, yet the register at Companies House clearly shows there are two directors – Henry George Berry and Venture Equity Ltd.

Well, we can put that to rights here and now. Step forward Mr Henry George Berry who, it should be noted, is not only a director of Tristone Holdings Ltd but is actually also the sole director and sole shareholder of Venture Equity ! That may change as unfortunate investors are persuaded to invest in this dishonest investment.

So.…. Henry George Berry is an undeclared director of Tristone Holdings Ltd whilst also being the sole director of Tristone’s corporate director, Venture Equity Ltd, but he doesn’t want his personal name to show up anywhere in print. Confused ?

A lot of effort has gone into ensuring that Henry George Berry is not mentioned by name. Perhaps that was one of the conditions he laid down before agreeing to be involved in yet another dubious investment. We will be publishing more on Mr Henry George Berry in future because he has an interesting past with more links to Glenn King.

Investors in the five oil companies may also recognise the name of Henry George Berry from the recent past. We have been provided with copies of the declared dividend statements issued by Martin Finch. It is unlawful for a loss-making company to declare dividends. Some might say that was done to make investors think the company was profitable. Those present at the Board Meetings where those illegal dividends were declared were Martin Finch and Henry George Berry.

Finally, investors may want to know the names of the FCA regulated entities involved in this investment. There are two of them. They are:

Blue Water Capital Ltd of 53 Calthorpe Road, Edgbaston. Birmingham. B15 1TH. This company is worth closer investigation. It was only incorporated in July 2017 and is a one-man firm. Mr Henry William Daniel Porter is the sole director and sole shareholder. As with any new FCA-regulated business you should be very careful who you choose to partner with.

City One Securities Ltd, One Royal Exchange Avenue, London. EC3V 3LT. This is the company which has approved the Information Memorandum, but which “accepts no liability for the accuracy of any information contained in the document“.

To view the previous post on these oil companies please click here

To view a more recent article on the UK oil scams please click here.

To visit the separate website for investors in these oil companies please click on this link and read through the blog pages.

 

Asset Recovery Network – 1

Asset Recovery Network – 1 150 150 Adam Reeves

Asset Recovery Network UK is a recovery room scam. This means that it is brought in after the main scam has been exposed and it pretends to be able to recover some or all of a person’s investment. The truth is that it is part of a follow-up scam and it’s sole aim is to trick investors into paying more money.

Recovery room scams tend to focus on persuading investors that their worthless investment has suddenly become a desirable asset and they have found a serious buyer who wants to buy the investment. There is never a buyer for the investment.

The investor is sold a story about this mysterious buyer wanting to pay top dollar for the investment but there is just one problem. Before he can complete on the purchase he needs the investor to pay either the sales commission or the due diligence fees or the tax bill or the admin bill or the legal bill or the platform listing bill or anything else they can think up. Quite often the investor is asked for a small sum which he/she is happy to pay. Then they are asked to pay another sum and then another sum and then another sum and so on. Once the investor pays the first sum they are on the hook and keep paying because they don’t want to lose what they’ve paid. The reality is that they lost it the moment they paid over the money. Each time the payment keeps increasing with larger and larger sums being asked for. One of our clients invested £30,000 in a scam investment. He was approached by a recovery room scam in which the company told him they had a buyer. He would only have to pay £700. He paid them. By the time he made contact with us he had paid over £28,000 to the recovery room scam. They were now asking for £14,000 for the next instalment stating that if he didn’t pay he would lose the money he had already paid. Fortunately we stopped him making that £14,000 payment but we were too late to stop the £28,000.

Other recovery room scammers known to us include:

Cordell Groves, Phipps Clarke Grainger, PV-Merge, Barola Asset Management, and NLC Partners.

Asset Recovery Network UK has an unusual twist on the recovery room scam model. They pretend to be Insolvency Practitioners i.e the liquidators of the scam investment company.

The original scam company pretends to have placed itself in liquidation and to have appointed Asset Recovery Network UK to handle the liquidation. ARN UK will apparently sell all the assets of the scam company (which are normally a big fat zero) and pay out the proceeds to investors. Asset Recovery Network UK is apparently able to turn worthless assets into solid gold. According to ARN UK, they will be able to sell the assets and pay everyone back with a huge profit. There is just one problem…….. investors will have to pay something upfront first. It doesn’t matter what reason they give you for needing your money – IT IS A SCAM.

If you pay them you will never see your money again. 

St Helier Capital – Update

St Helier Capital – Update 150 150 Adam Reeves

Simon Whittley and St Helier Capital Management Ltd have filed the company’s overdue accounts. They are very concerning for people who were duped into buying Preference Shares. Since the company first started taking in funds in December 2016 it reports that by the end of February 2018, a mere 14 months later, it has NIL cash in the bank. It is owed £24,000. The bad news is that it owes £711,000.

Here are two classic Simon Whittley statements: “The director of the company has elected not to include a copy of the profit and loss account within the financial statements”. 

“As at 28 February 2018 it [the company] had minimal cash resources and net current liabilities of £711,037. As of this date the company has generated no trading revenue from which to meet these liabilities and is dependent on funding from related undertakings.”

What this means is that Simon Whittley is using money raised from investors in other junk bonds he has established to keep this junk bond going. The accounts show that St Helier Capital owes £57,000 to Hawksbill Property Holdings Plc (one of his companies funded by investors) and £114,000 to Win River Developments Ltd (another one of his companies funded by investors). No doubt he will be looking to establish another junk bond in the near future to try to capture another group of fresh investors. To view the latest accounts click on this link

Recent new companies which involve Simon Whittley include Grimaud 365 Ltd, Glenview Natural Energy Ltd and Antrim Road Developments Ltd. Mr Whittley tended to work closely with Simon Paler. Simon Paler was the man who would willingly lend his name and act as a company director for Whittley’s ventures. Not any longer it seems. In the past few months Simon Paler has resigned from many of Whittley’s companies.

One company not mentioned is Avianta Capital Consulting Ltd. Simon Paler resigned as a director in October 2018. The company lists its activities as “venture and development capital” and “renting and leasing of air passenger transport equipment”. Simon Whittley’s wife owns 50% of the shares in the company.

SOS has a website for St Helier investors. It can be accessed via this link.

To view the previous blog comment on St Helier Capital Markets and Simon Whittley click here.

Osage 1, Phenco, Kansas MB, Kansas B2 – Update

Osage 1, Phenco, Kansas MB, Kansas B2 – Update 150 150 Adam Reeves

Investors remain frustrated by non-payment of overdue royalties for Osage 1, Phenco, Kansas MB, Kansas B2 and Sooner Energy.

The company director, Martin Finch, has been giving a weak and implausible excuse. It is that he is struggling to find a currency exchange company which will change US dollars into pounds sterling.

Everyone knows it is easy enough to change USD into GBP. The problem is that every one of the respectable companies would carry out anti-money laundering checks. They would also insist on knowing where the money was coming from and how the funds had been generated. That is what the law requires.

Yet, 6 months after payments should have been made to investors, Mr Finch is still having problems finding a currency exchange service that will open an account.

The previous currency exchange service was based in Dubai. Unusual for an investment which allegedly involves payments from the USA to the UK to be routed via Dubai when there are so many reputable currency exchange providers in both the USA and the UK.

More about Osage 1, Phenco, Kansas MB and Kansas B2 can be found on the project-specific website using this link

To view the previous blog comment on this site referring to Osage 1, Phenco, Kansas MB, Kansas B2 and Sooner Energy please click here.

Essex and London Properties – Update

Essex and London Properties – Update 150 150 Adam Reeves

A proposal to investors in Essex and London Properties who have made themselves known to Safe Or Scam will be made in early January 2019. This was delayed whilst the solicitor partner sought the views of the Official Receiver. The position has now been clarified and we have the agreement of the solicitor to proceed.

Safe Or Scam has involved other professional parties to protect the position of all investors in the Limited Partnership. We believe there was only a token effort made to trace and recover money sent overseas which is evidenced by the fact that only 10% – 15% of the money has been recovered and all of that was sitting in UK bank accounts. To date, none of the money sent overseas has been recovered. The police investigation was handled by one retired police officer brought back from retirement. There is likely to have been budget restrictions which would not have allowed for a thorough investigation of the overseas aspects.

If you are an investor and you do not receive an email outlining the proposal before 10th January 2019 please contact us and we will send it over to you.

SOS has established a separate website on the Essex and London Properties scam which can be accessed via this link.

To view the previous blog comment on E&LP click here.

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