Pension Life was saddened to hear the news that David Trinkwon has passed away. David Trinkwon, coordinator of the EEA Investors’ Group had for a number of years campaigned passionately against EEA Fund Management (Guernsey) Ltd – “EEAFMG”) to help 1000´s of victims of the toxic, collapsed fund.
David Trinkwon established EEA Litigation Management early in 2016 to pursue legal action against EEA Fund Management in a class action for investors who have been trapped in the fund since 2011. Between 2005 and 2011, it is estimated that EEA Fund Management took in around £600 million from investors.
Redemptions of the EEA fund were suspended in November 2011 after then FSA managing director Margaret Cole branded traded life settlements ‘toxic’ products. However, an earlier warning was made to the industry in early 2010. But this was deliberately ignored by both advisers and pension trustees as the investment introduction commissions were a very juicy 15%. Advisers such as Stephen Ward of Premier Pension Solutions in Moraira in Spain were flogging as much EEA as they could get out of the door to earn these commissions, and QROPS providers such as Concept Trustees in Guernsey were offering EEA as one of their (limited number of) investment choices. Further, Concept was in some cases accepting investment instructions from Stephen Ward for 100% of victims’ pension funds to be invested in this one toxic, high-risk fund.
Here at Pension Life, we applaud the work David Trinkwon has carried out so steadfastly and passionately for years. His hard work will be sorely missed in the world of prevention and cure of investment and pension scams. I personally met David on several occasions – in London and here in Spain. He had a great knowledge of the world of offshore finance and devoted a great deal of his time and effort to trying to help the thousands of EEA victims.