Tag: Blackmore Global

International Adviser – Giraffe Awards

Looking at International Adviser’s 2017 awards, I really think the judges were having a giraffe (or they were very drunk).

“Best regular premium investment product – Hong Kong – Zurich International Life”

Seriously? This grim firm has one of the most expensive long-term savings plans on the market. A victim scammed into buying one of these toxic, inflexible products will pay 48.07% of their savings in fees to Zurich. To put this into real numbers, a victim who saves £366,600 over a 25-year period, will pay £176,240 in fees.

In this disgraceful long-term rip-off contest, Zurich is in the midst of the others who similarly overcharge their victims with these undisclosed charges: RL360 at 51.68%, Hansard at 51.28%, Generali at 47.08% and Friends Provident at 46.64%. Savers would be better off sticking their savings under the mattress, away from the greedy clutches of these rip-off merchants.

“Best regular premium investment product – Singapore – Friends Provident International”

OK, perhaps the least expensive of the big five, but still 46.64% is ludicrously expensive. These long-term savings plans are routinely mis-sold and victims end up losing most of what they have saved.

“Readers choice – Europe – SEB International”

This life office was routinely ripping off pension savers by taking business from unlicensed, unqualified, unscrupulous scammers Continental Wealth Management from 2010 to 2017. To the tune of 1,000 victims with £100 million worth of investments. About half of which has been destroyed. SEB stood by and watched CWM invest hundreds of victims’ life savings in toxic, high-risk, professional-investor-only structured notes. As the scammers gambled away millions of pounds, SEB kept taking their fees – based on the original investment value. In this case, all of SEB’s victims lost part or all of their retirement funds.

I HAVE DECIDED TO INVITE MY FRIENDS AT INTERNATIONAL ADVISER TO LAUNCH A NEW AWARDS CEREMONY:

THE GIRAFFE AWARDS

My proposal is that awards are given every year for the worst performers in terms of either operating scams or facilitating them. Let us be very clear – we are talking about financial crime here. It is extremely important that publications such as International Adviser do their bit in cleaning up the financial services industry. That is why these awards are so important.

The judges should be the victims themselves. Here are my nominations – but am more than happy for victims to suggest others:

Advisory Firms: Continental Wealth Management, Holborn Assets

Pension Trustees: Concept, STM Fidecs, Fast Pensions

Life Offices: SEB, Generali, Hansard

Funds: Blackmore Global, Trafalgar Multi-Asset, Christianson Property Capital

Structured Product Providers: Leonteq, Nomura, RBC, Commerzbank

Regulators: Isle of Man, New Zealand, United Kingdom

It is clear that regulators and ombudsmen are useless, limp and disinterested in how their respective jurisdictions operate financial crime so routinely. International Adviser could emerge the hero by exposing the appalling practices in offshore financial services which routinely destroy victims’ retirement savings. (Or not, as the case may be).

May 28, 2018
BLACKMORE BOND – SHAKEN OR STIRRED – CARELESS OR STUPID?

In the wake of hundreds of victims fearing heavy pension losses in the Blackmore Global fund, we now have another disaster waiting to happen: Blackmore Bond.

This new threat to unwary investors has been analysed by Bond Review. Just to be clear, many people were duped into investing their pensions in the Blackmore Global UCIS fund – which has never published an independent audit. We now have a second threat offered by Phillip Nunn and Patrick McCreesh. Blackmore Bond PLC is promoting these unregulated, capital-at-risk bonds which purport to pay up to 8.5% per annum – but with potential for total loss. How many more people will this high-risk bond ruin financially?

BLACKMORE BOND – SHAKEN OR STIRRED – CARELESS OR STUPID?

Bond Review raises an intriguing question: how come Paul Careless and Surge Group have got involved with Nunn and McCreesh? Unless he has been careless (pun intended), Careless looks to have an unblemished past and Surge (in Brighton) looks to be a bona fide company.

In 2017, Careless’ company Surge Group offered £3,000 in sponsorship to the Kent Police rugby team. This was accepted, but then he tried to change the sponsor from Surge Group to Blackmore Bond. And Blackmore Global started claiming on their website to be “Proud supporters of Kent Police Rugby Team”. So why would Careless – himself an ex-police officer – try to con the police and also get into bed with Nunn and McCreesh?

Let us just remind ourselves that Messrs Nunn and McCreesh were the cold callers/lead generators in the Capita Oak and Henley Retirement Benefits scams which are now under investigation by the Serious Fraud Office. Nunn and McCreesh scammed/attempted to scam up to 300 victims a month for more than two years. Unsurprisingly, Kent Police declined the toxic offer to have any association between a law-enforcement agency and known scammers.

But here’s another puzzle: a geezer called Kenneth “Buzz” West also appears at first glance to be relatively harmless. He is a director of numerous companies – including European Wealth. The only stain on his reputation that I can find is that his former company, Ashcourt Rowan, was fined £412k by the FSA in 2012 for dodgy investments in his other company: Savoy Group. But Ashcourt Rowan held its hands up and paid the fine.

So why on earth would “Buzz” risk getting tangled up with Nunn and McCreesh? Buzz is now Chairman of two of their companies: Blackmore Group and Blackmore Bond. Unless his brains are shaken as well as stirred, he is committing professional suicide – knowingly and deliberately.

Or perhaps I am being too harsh. Maybe he has taken on the role of Chairman so that he can ensure that Blackmore Bond does not sell any toxic, high-risk products to low-risk victims; and also so that he can get the long-overdue Blackmore Global fund audit done. Maybe he also has plans to get the Blackmore Global victims compensated for their losses and distress suffered in the past couple of years.

We need to be very clear about Blackmore Global: it is a UCIS fund that was illegally promoted to retail investors in the UK and which unregulated David Vilka of Square Mile International was flogging to UK victims in the Hong Kong QROPS scam. This accounted for 64 victims with a combined transfer value of £1.6 million – all introduced by cold-calling firm Aspinall Chase – run by Nunn and McCreesh.

According to Companies House, Kenneth Buzz West is a Cypriot and resides in Cyprus.

It just so happens that I am going to Cyprus in a couple of weeks – so hopefully he will invite me for a wee drop of Zivania and Halloumi on toast. And once our whistles are whetted, we can discuss the Blackmore Global audit and compensation.

March 31, 2018
Top 10 Deadliest Pension Scammers

Pension scammers are hidden all around us, often dressed in smart clothes, driving smart cars and carrying impressive leather folders. They offer what seems like smart investments, push through your pension fund transfer swiftly and seamlessly. However what you don´t see on the surface is their hidden parasitic ways. These scammers will drain the funds from your pension, investing in high-risk, toxic investments, that only they will profit from.

Here´s Pension Life´s, “Top 10 Pension Scammers”. (Please note: this information is correct as of the today´s date only, as pension scammers are evolving daily and as one falls another will rise!)

10 – Square Mile International

John (Gus) Ferguson’s firm Square Mile International promote unregulated toxic crap to pension savers and employs unqualified David Vilka. The so-called “advisers” promoted the Blackmore Global Fund.

It is still unclear what has actually happened to the money invested into the Blackmore Global Fund.

9 – James Lau & Tudor Capital Management

James Lau was a financial adviser with Wightman, Fletcher McCabe (FSA regulated) – part of the Clarkson Hill Group. Along with directors Peter Bradley and Andrew Meeson, of Tudor Capital Management (subsequently jailed for eight years for money laundering and tax fraud), James Lau conned 116 victims into transferring their pensions, investing in forex trading companies, and liberating up to 85% of their pensions. Lau is now rumoured to be in hiding in Hong Kong. The victims are now facing 55% tax charges by HMRC.

8 – Friendly Pensions

David Austen of Friendly Pensions, used cold-calling and high-pressure sales tactics to strong-arm 245 victims into investing in 11 fake schemes, including a truffle farm.

Dalton, Barratt and Hanson all served as trustees on the fake schemes set up by Austin – who is described as the mastermind – and were paid more than £550,000 between them. The four scammers who conned pension savers out of £13.7 million have now been banned from the industry but not imprisoned. The victims, however, lost everything.

7 – Continental Wealth Management (CWM)

One thousand people were relieved of up to £100 million worth of pension funds. Conned by a motley assortment of snake oil salesmen, the victims were promised high returns, but all they got was high losses. Old Mutual International (OMI) were the provider for the bulk of the insurance bonds in this scam. Funds were invested in risky, toxic structured notes which were clearly labelled as “for professional investors only”. Clients were lied to, as when they saw the value of their funds plunging dramatically, the Continental Wealth Management scammers assured the victims that the reported losses were “only paper losses”. Continental Wealth Management collapsed in September 2017.

6 -XXXX XXXX

XXXX XXXX was the “distributor” of the Capita Oak, Henley, Westminster and various SIPPS scams in 2012/13. He was also operating pension liberation fraud with his “loan” company: Thurlstone. When these schemes collapsed in 2013, he went on to launch an investment scam called Trafalgar Multi Asset Fund. Capita Oak, Henley, Westminster and Trafalgar Multi Asset Fund are now all under investigation by the Serious Fraud Office. XXXX XXXX has been arrested and his offices searched.

5 – Nunn and McCreesh

Phillip Nunn – along with his sidekick and partner in crime Patrick McCreesh – provided “lead generation” services to the Capita Oak and Henley scams. At up to 200 leads a month for more than two years, he was responsible for the destruction of £ millions of pension funds – and got paid nearly £1 million in fees for doing so. He then went on to set up an investment scam called Blackmore Global – a UCIS which is illegal to be promoted to retail pension savers. It is not known whether the investors have lost some, most or all of the funds in Blackmore Global as Phillip Nunn refuses to have an independent audit carried out on the fund.

4 – Steve Pimlott – Windsor Pensions

Steve Pimlott has been running Windsor Pensions for at least seven years. He claims to have done around 5,000 pension liberations and assures victims that HMRC will be “unlikely” to catch up with them. Pimlott uses QROPS schemes such as Danica in Sweden and then sets up a fraudulent bank account in the Isle of Man. The transfer never goes anywhere near Danica, of course. But the transfer is sent to the IoM bank account – 85% is paid out to the victim and Pimlott trousers the other 15%. HMRC is now taxing the victims at 55% – although they have never taken action against Pimlott who is still operating happily in Florida (not far from where Stephen Ward has his six luxury villas).

3 – Fast Pensions

Peter Moat and his wife Sara Moat were chums of Stephen Ward of Premier Pension Solutions. They ran a loan company called Blu Debt Management and also had several other businesses involving estate agency and pension administration. Hundreds of victims were transferred into the Moats’ Fast Pension schemes, and now the victims cannot access their pensions or transfer out. Peter and Sara Moat live in the Javea area of the Spanish Costa Blanca and have had 18 Pensions Ombudsman’s determinations against them for mal-administration of the pension schemes they are running. It is thought that around 400 victims are affected, although it is not known how much they have lost between them. It is known that several years ago, a substantial amount of the funds were loaned to Bridgebank Capital and then used as bridging loans for property developers. But the money has since been repaid and goodness only knows where it is now. Certainly not accessible to the members.

2 – Stephen Ward

Ark: 486 victims; £27 million at risk; 55% tax penalties on 50% loans

Evergreen: 300 victims; £10 million at risk

Capita Oak: 300 victims; £10 million at risk; tax penalties on XXXX XXXX’s Thurlstone “loans”

Westminster: 200 victims; £7 million at risk; tax penalties on “loans”

Southlands, Headforte, Feldspar, Hammerley, Maribel, Dorrixo Alliance, Halkin, Bollington Wood, Randwick Estates, Elysian Fuels, London Quantum – and many more. Stephen Ward remains active with DB transfers.

and in first position we have …..

1 – HMRC

Yes, you read correctly, HMRC is our number-one culprit in the Top 10 pension scammers list. And here’s why:

Since at least 2010, pension scams have been on the rise. That’s 8 years, yet regulations have not been changed, HMRC has not become vigilant or conscientious about registering pension scams, and new laws have not been put in place to stop scammers.

In fact, the scams are registered in the first place by HMRC, and in the case of occupational schemes also by tPR.

No notice is taken of whether the schemes are registered by known scammers and no questions are asked as to the purpose of the schemes.

In the case of James Lau’s Salmon Enterprises, the trustees – Meeson and Bradley – had been investigated by HMRC and arrested in March 2010 on suspicion of money laundering and tax fraud. However, HMRC did nothing to warn ceding providers or the public and Salmon Enterprises was left as an HMRC-registered, fully-operational occupational scheme.

Later that year, one ceding provider queried the legitimacy of the Salmon Enterprises scheme, but HMRC refused to elaborate on why the trustees had been arrested. A transfer went ahead – along with 115 others – while HMRC sat back in the full knowledge that all these victims would be bound to face unauthorised payment tax charges.

In the Ark case, HMRC spoke to the organisers and promoters (including Stephen Ward) of the six Ark schemes on several occasions. They then had a meeting with Craig Tweedley and Ward in February 2011 to discuss their concerns that the 50% “loans” paid out to scheme members constituted unauthorised payments. At this point there was a “mere” £7 million worth of transfers. Nothing was done to suspend the Ark schemes for another three months – during which time a further £20 million was transferred in. HMRC is now trying to tax both the members and the scheme for unauthorised payments.

In the full knowledge that Stephen Ward was behind Ark and numerous other scams, HMRC ignored evidence of his pension trustee/administrator firm – Dorrixo Alliance. In May 2014, they discussed prosecuting Ward, but did nothing about the London Quantum pension scam, and in August of the same year, a police officer lost his police pension to Ward’s scheme.

Therefore, HMRC takes 1st place, due to its downright lack of motivation to help stop the scams, yet speedy tax demands fly out for the unauthorised payments arising from the so-called “loans” operated from the very schemes that HMRC themselves registers.

Furthermore, HMRC taxes the victims of pension liberation scams – and not the perpetrators.

List of 10 deadliest parasites borrowed from listverse website for comparison.

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As always, Pension Life would like to remind you that if you are planning to transfer any pension funds, make sure that you are transferring into a legitimate scheme. To find out how to avoid being scammed, please see our blog:

What is a pension scam?

Follow Pension Life on twitter to keep up with all things pension related, good and bad.

February 18, 2018
NOT SO SQUARE MILE – AND FAR FROM LILLY WHITE

John (Gus) Ferguson’s firm, Square Mile International, is clearly not exactly square – and Lillywhite is a grubby shade of black.

For once, I don’t have to write a blog myself – as Mr. Ferguson of Square Mile has written it for me. I did, however, have to resist the temptation to correct Fatty’s appalling grammar and spelling.

Fatty’s partner in crime is, of course, “adviser” David Vilka – who put retail, UK-domiciled victims into QROPS and then invested most or all of their pensions in Nunn and McCreesh’s toxic, illiquid, high-risk Blackmore Global fund.

So, if you have ever wondered how to promote unregulated toxic crap to pension savers, read on…..

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From: John Ferguson [mailto:jf@lillywhiteint.com]
Sent: Wednesday, 5 August, 2015 8:36 PM
Cc: Charlie Goldsmith <C.Goldsmith@curzoncapital.com>
Subject: Re: follow on……………….

Hi – yes good to meet you too, and glad you had a safe trip back.

As you said it would have perhaps been nice to have longer with you and we both felt there was areas in which we could work together and once we are all back from our various holidays no doubt we will be looking at ideas that we could explore together.

We intend to be in Dubai at end of November and have a busy schedule (already) so wouldn’t be able (this time) to build in a HK detour but if you are able to be in Dubai that time then perhaps it could be a good opportunity to spend longer discussing opportunities.

The relationships with our Introducers as we explained is relatively straight forward but to recap – Lillywhite International acts as a ‘hub’ co-ordinating the flow of business between ‘introducers’ (unregulated and unauthorised entities such as Manish’s operation) who are often looking to fund their own product (again such as Manish and Christianson) and the regulated IFA firms, and the Pension Trustees.

I think confusion probably lies in that historically GFS could take direct business or business from unregulated firms. In the UK for some years now, it has not been possible for a firm such as Manish’s or Aspinal Chase etc to give advice, get information from a ceding scheme, submit business to a QROPS or to earn fees from anything that could constitute ‘a regulated activity’ under the FSMA.

Lillywhites controls a number of regulated IFA firms, and has string links with Life Offices (providing bond wrappers) and Trustees (providing QROPS).

We offer a service to the Manish’s / Aspinal Chase’s of the world and our IFA’s will sign off the business, provide the advice, deal with the pension and invest a proportion of the fund into the investments these introducers are trying to raise subscriptions on. We have bespoke Bond arrangements at NIL commission to comply with RDR in the UK, and the funds don’t pay the IFA any commissions – again to comply with RDR.

In terms of fees etc, I’m sure in the same way your agreements are private we have various agreements with our introducers and they are confidential.

So as i said relatively open and simple relationship – nothing can be submitted to our panel of QROPS without being signed off by our IFAs and so EVERY piece of business you receive from these guys is actually via a Lillywhites Adviser – The majority will be via either Aktiva Wealth Management or Square Mile International.

Where i do think we could have a very serious chat is using your distribution in Asia for a couple of funds that we can split the distribution fees with you on, and thats definitely where id like to have a further discussion. our two main brands are www.atsgfunds.com and www.lillywhiteint.com

Speak soon

Gus

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As always, Pension Life would like to remind you that if you are planning to transfer any pension funds, make sure that you are transferring into a legitimate scheme. To find out how to avoid being scammed, please see our blog:

What is a pension scam?

Follow Pension Life on twitter to keep up with all things pension related, good and bad.

February 14, 2018
What is a Pension Scam?
There are many different types of pension scam – just as there are many types of genuine pension scheme. This can sometimes make it difficult to tell the difference so we are her to help you inform you about, what is a pension scam.

Fortunately, there are some common tell-tale signs that mean you could spot a scam and avoid it:
- Cold calling: always be suspicious of a cold caller. This can come as a text, phone call, email or even a smart-looking individual at your door!
  - Some cold callers may even imply that they are from the government or another government-backed organisation.
  - THIS WOULD NEVER HAPPEN!
- Hard sell: when your smart-looking/sounding “adviser” won’t take “no” for an answer and pressurises you into an on-the-spot decision
- No land-line contact phone number: the only contact they give consists of an email, mobile or PO Box address
- Use of words like ‘pension liberation’, ‘loan’, ‘loophole’, ‘free pension review’ or ‘one-off investment’
- Unrealistic claims:
  - You can unlock your pension before 55
  - Promises of tax advantages
  - investment is ‘unique’, ‘overseas’, ‘environmentally friendly’, ‘ethical’ or in a ‘new’ industry
- Low risk but high return investments (THEY DON’T EXIST!!)
What the scammers don’t tell you is that taking any part of your pension early (before 55 years of age) DOES result in tax charges. These charges can be up to 55% of the amount you take – even if you were told it was a “loan”.

With HMRC on your back for this tax demand, it will be hard to remember the pleasure of the money you received. Plus, whilst you are distracted with your tax demand from HMRC, it is likely that the rest of your pension fund is taking a nasty tumble.

Pension scams can involve various types of pension arrangements from QROPS and QNUPS to occupational schemes and SIPPS. These arrangements are not, in their own right, bad. However, if they are used for unsuitable investments, they most certainly can be. Know about these investments means you will know about what is a pension scam.

The investments inside the schemes can range from high-risk, professional-investor-only structured notes to toxic, illiquid, risky UCIS funds (Unregulated Collective Investment Scheme – illegal to be promoted to UK residents). Whilst these types of investments are not illegal in their own right, they are only suitable for certain people with deep pockets and sound investment experience. Or, alternatively, they are totally unsuitable for pension funds – full stop.

When taking advice on transferring your pension fund you should always ensure the adviser you choose is either based in the UK OR in the country you reside/plan to reside in. Alternatively, you must make sure the adviser is regulated and qualified for pension and investment advice in the jurisdiction where you reside.

Some of the pension scams that we are aware of are Ark, Capita Oak, Evergreen QROPS, Henley Retirement Benefit Scheme, Westminster, Trafalgar Multi Asset Fund, Continental Wealth Management (CWM), London Quantum. The underlined scams are being investigated by the FCA.

The 5 pointers from the Pension Regulator are:
1. If you think you’ve been scammed – act immediately
2. Cold called about your pension? Hang up!
3. 3. Deals ‘too good’ to be true
4. 4. Using an adviser? Make sure they’re registered with the FCA
5. 5. Don’t let a friend talk you into an investment – check everything yourself
For more details please see their web page

Image from https://www.actionfraud.police.uk/news/scamproof-your-savings-mar15

If you’ve already signed something you’re now unsure about, contact your pension provider straight away. They might be able to stop a transfer that hasn’t taken place yet.

If you think you’ve been targeted by an investment scam, please report it to the FCA using their reporting form.

If you have lost money to a suspected investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www.ActionFraud.police.uk.

The FCA has launched a new campaign ScamSmart.

If you have doubts about what to do, ask The Pensions Advisory Service (TPAS) for help. Call them on 0300 123 1047 or visit the TPAS website for free pensions advice and information.

Beware of being targeted in the future, particularly if you lost money to a scam. Fraudulent companies might take advantage of this and offer to help you get some or all of your money back.

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With out due diligence and knowledge you often won´t realise that you are the victim of a pension scam until its too late. Its best to have the knowledge so you can tell what is a pension scam and what is a genuine pension scheme.

Therefore, Pension Life has written a series of blogs about pensions, pension scammers and how to safe guard your pension fund from fraudsters. Please make sure you read as many as possible and ensure you know everything you should about your pension fund. If we can educated the masses about pension fraud we can stop the scammers in their tracks – worldwide.

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Here at Pension Life we are noticing a new type of pension scam – Fractional Scamming – please read our blog about this type of scam.

Follow Pension Life on twitter to keep up with all things pension related, good and bad.
February 8, 2018
BBC 4’s You & Yours Exposes Blackmore Global Pension Scam

BBC Radio 4’s You & Yours reports on three victims of a pension investment scam called Blackmore Global, two of whom were cold called by David Vilka of Square Mile International Financial.

The three victims were persuaded to transfer their funds from secure company pensions into QROPS (Qualifying Overseas Pension Schemes). The victims have since struggled to track or recoup their investments in the Blackmore Global fund.

BBC´s You & Yours image of Stephen Sefton

Stephen Sefton, a driving instructor from Milton Keynes, was the main focus of the You & Your´s program. Most of his pension fund had been invested through the overseas pension scheme into a fund called Blackmore Global. The rest had gone into an investment fund in Malta. A year later disaster struck.

Stephen became a member of Pension Life after he was unable to track and evaluate his overseas pension investment. Upon calling the City regulator, the Financial Conduct Authority (FCA), he was informed that his adviser – David Vilka of Square Mile International Financial – was not regulated to give investment advice. Furthermore, the fund in Malta was a professional investor fund only and was not suitable for a retail investor like him.

Stephen, taking advantage of the new pension rules, had transferred £415,000 of his company pension scheme into a new pension in 2015. He wanted to access his money early and give some to his children. He had found the advisory firm online; seen the company’s FCA registration number of David Vilka’s firm (Square Mile International Financial based in Prague) at the bottom of the firm’s letters. What he did not realise, was that the firm was only regulated for insurance mediation, and not investment advice.

Stephen, managed to get most of his money back after pursuing his case for many months. However, he lost £30,000 of his investment as the fund in Malta dropped in value at the time of withdrawing his money.

Having succeeded in recouping a good chunk of his money, he received an email from Square Mile International Financial offering him a bribe of £6,000 to cease all contact with outside sources. This included regulatory authorities and Action Fraud!

David Vilka, one of Square Mile International Financial’s directors, claims this to be incorrect. Instead suggesting the amount was a goodwill gesture to close the matter amicably.

Unfortunately Stephen Sefton’s recovery of his money is a minority case, many other victims of the Blackmore Global Pension Scam are finding it difficult to recover their money.

David Vilka insists that Square Mile International Financial is a completely legitimate firm. He claims the firm has been “inspected and verified in full by numerous regulators”. Furthermore, Stephen’s reports to Action Fraud were returned saying it had not identified any leads to follow up.

The BBC also reported about another victim called Paul (not his real name):

“Paul” agreed to have his £100,000 pension fund transferred into another pension scheme and then invested in the Blackmore Global fund. This was after being cold-called by another company called Aspinal Chase who offered him a free pension review.

The small print stated investments were locked in for 10 years, which was way beyond Paul’s 60^th Birthday. This was not mentioned to Paul when he made the transfer. Fortunately he managed to escape the lock-in, however he has still been unable to access his funds.

Paul told You and Yours “I’ve got three grandchildren. I’d like to take them all to Disneyworld in America. I want to spend the money I’ve earned over the years. A bit of that money would pay off the last bit of my mortgage, so that is a big chunk of my future. I feel as though I’ve let the family down.”

The perpetrators – Phillip Nunn and Patrick McCreesh – are listed as Blackmore Global’s directors in a fund document seen by Radio 4’s You & Yours program, which shows they each earn salaries of £20,000 a year.

David Vilka was also the financial adviser for Paul and also for the third victim reported, Jacqueline. Another cold-call victim of Aspinal Chase, Jacqueline has had no access to her funds.

Blackmore Global’s directors have refused to release the £50,000 she invested. You & Yours quoted, Phillip Nunn and Patrick McCreesh: who said, only allowed redemption´s in exceptional circumstances to “protect the integrity of the investment for its other stakeholders”.

Phillip Nunn and Patrick McCreesh deny that their company, would engage in cold calling or pension advice. They claimed that any advice must have been given by separate, regulated financial advisers.

Nunn and McCreesh also say they have no financial relationship with David Vilka or Square Mile International Financial. In fact, they state they are totally independent from them! However, there has to be a good reason why Vilka has invested so many of his victims’ pension funds in the Blackmore Global fund – and risked criminal prosecution because Blackmore Global is a UCIS (Unregulated, Collective, Investment Scheme) which is illegal to promote to UK residents.

Pension Life is aware of a further 38 victims cold called by Aspinal Chase, Nunn & McCreesh´s firm. Originally being advised to transfer their funds into a Hong Kong QROPS, the victims´ funds finally made their way to the Blackmore Global fund. The total amount of funds scammed from these UK resident victims amounts to nearly £1,000,000!

To listen to the broadcast on the BBC’s website, click here.

To read the news story based on the You & Yours report, click here.

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As always, Pension Life would like to remind you that if you are planning to transfer any pension funds, make sure that you are transferring into a legitimate scheme. To find out how to avoid being scammed, please see our blog:

What is a pension scam?

Follow Pension Life on twitter to keep up with all things pension related, good and bad.

January 31, 2018
STM FIDEC’S VARIOUS NEFARIOUS BOOKS
STM Fidecs has played its “get out of jail free” card, avoided January’s court hearing and agreed to “cooperate” with the Gibraltar Financial Services Commission (GFSC) – allowing auditors Deloitte to probe STM’s dirty books.

I was more than a little miffed because I was looking forward to a nice day out in Gibraltar. I had my packed lunch all planned – spam sandwiches, hard-boiled eggs and ripe tomatoes (with a few spares in case I got a chance to lob one or two at Alan Kentish and David Easton).

Instead, Deloittes are going to “probe” STM’s undoubtedly cooked books. Fraudsters Alan Kentish and David Easton might try to hide some of the dirtiest stuff. (And in case some eager defamation lawyer is reading this, “fraudsters” is what Kentish and Easton called themselves on Facebook).

I will, of course, be more than happy to help Deloittes see the whole picture – rather than just what the Fraudsters want them to see. I will happily buy a whole shed full of spades as well as several boxes of latex gloves and surgical masks. However, the most important way in which I can assist them is to give them details of the various scams which the Fraudsters have operated and facilitated.

The Gibraltar regulator has for some time been trying to expose STM’s various nefarious activities – while Kentish and Easton have doggedly and desperately wriggled and slithered out of reach. The Deloitte investigation will finally expose the company’s internal compliance failures and conflicts of interest.

Deloittes will need to concentrate on at least three main areas: Trafalgar Multi-Asset Fund; Cornerstone Friendly Society and Blackmore Global. They will also need to liaise closely with the Serious Fraud Office which is investigating the Trafalgar fund scam and the West Yorkshire and Humber Police which is investigating the Cornerstone scam.

If Deloittes are going to be able to conclude their investigations into STM by the end of March 2018, they will have to ask many probing questions to establish the extent of STM’s “compliance failures” (aka facilitation of financial crime).
- Why did STM accept business from serial scammer XXXX XXXX’s unlicensed firm Global Partners Limited?
- Why did STM accept hundreds of transfers from UK residents in whose interests it was NOT to swap their British pension arrangements for an expensive QROPS?
- Why did STM allow these victims to have funds invested in XXXX XXXX’s own fund – Trafalgar Multi-Asset (a UCIS which is illegal to promote to UK residents)?
- Did STM not consider it to be a conflict of interest for the “adviser” and fund manager to be one and the same person? Especially a person with a sordid track record of operating pension scams such as Capita Oak, Henley, and Westminster?
Chief executive Alan Kentish has described the Deloitte “deal” as a workable solution and is jolly pleased to have avoided January’s court hearing. He has also said that the hearing wasn’t in either STM’s or the GFSC’s interests.

I suspect both STM and the GFSC knew it was very likely that quite a few STM victims whose pensions are in tatters were likely to turn up and that the hail of ripe tomatoes was likely to make quite a mess of the Supreme Court’s wallpaper.

Meanwhile, Alan Kentish and another STM Fraudster are still being investigated by the Gibraltar Police Money Laundering Unit. I just hope they don’t get hauled off to jail before Deloitte get to finish their digging and probing – as that might delay the publication of the report.

So what has prompted all this recent flurry of action? In November 2017, the GFSC wrote to STM Fidecs and outlined their concerns. These included – among other things:
- Effectiveness and oversight of STM Fidecs’ internal compliance functions
- High turnover of staff in Compliance Officer and Money Laundering Regulatory Officer roles
- General suitability and experience of compliance staff
- Exercise of corporate governance across all of the STM companies
- Compliance with legal and technical requirements in relation to the operation of client accounts
- Level and nature of due diligence undertaken when accepting new QROPS business and whether legal and regulatory obligations are/were being met
- Nature of investments made in relation to QROPS e.g. the Trafalgar Multi-Asset Fund – linked to serious customer detriment and alleged fraud
I think Deloittes also ought to look into why STM Fidecs’ own staff were bullied into “looking the other way” when they were worried about compliance issues (and then paid off to keep them quiet).

Finally, STM Fidecs has now announced it will be moving from Gibraltar to the UK. This move comes after what Alan Kentish has described as “unexpected challenges”. Kentish remains bullish, however, about the company’s profitability. However, he still fails to express any concern for the hundreds of STM Fidecs’ victims who will inevitably see heavy losses in their pension funds and will suffer poverty in retirement. Shame on this callous character.

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As always, Pension Life would like to remind you that if you are planning to transfer any pension funds, make sure that you are transferring into a legitimate scheme. To find out how to avoid being scammed, please see our blog:

What is a pension scam?

Follow Pension Life on twitter to keep up with all things pension related, good and bad.
January 28, 2018
BSPS – Pension Dilemma for Steel Workers
The BSPS dilemma for steelworkers is clearly difficult with very little time to consider options and make a wise decision which will affect them for the rest of their lives.

There’s a whole team of willing voluntary professional advisers trying to provide some guidance to help people avoid making the wrong decision. This team includes eminent pensions experts including Henry Tapper (The Pension Ploughman), Al Rush, Darren Cooke and many more.

I’d like to contribute to this excellent initiative to help the scheme members – but I can’t advise how to do things right; I can only advise how not to do things wrong.

Henry Tapper, Al Rush and Darren Cooke – plus other qualified, licensed advisers generously giving their time to help the BSPS members – will give sound guidance as to the right decision to make. The Pensions Advisory Service will also help.

Here are some pointers from me – someone who represents hundreds of victims of pensions scams and has seen all the tricks, lies, false promises and smoke/mirrors in the pension scamming business.
1. Check that a proper adviser is licensed – in other words: regulated. You can check this out on the FCA register. Here is an example: check out Darren Cooke’s firm, Red Circle. You will see that his firm is regulated (or licensed by the FCA – Financial Conduct Authority) to carry out personal pension and stakeholder pension advice. Remember, unregulated means SNAKE OIL SALESMAN. And beware the “introducer” – which is another word for snake oil salesman. If you find the so-called adviser is not regulated – run like hell!
2. Beware “free” financial advice. Go to Tesco and ask if they have any free milk. Go to the Post Office and ask if there are any free stamps. Go to an accountant and ask if he will do your accounts for free. Go to your local car dealer and ask if there are any free cars. There ain’t no such thing as free. Everything has to be paid for – but make sure that all the charges, fees, commissions etc., are openly declared. If someone promises you free financial advice – run like hell!
3. Run a mile from “get rich quick” investment schemes. Your pension has to be invested in boring, safe, traditional assets which will grow steadily and safely. If you are offered something exciting and sexy – like eucalyptus plantations; car parks; football betting; overseas property “opportunities” and truffle trees – run like hell. If you are told that your pension will get “guaranteed returns” of 8%, 10% or 12% – run like hell!
4. If you are told you can have some cash out of your pension other than your 25% tax free at age 55 – or the rest at the marginal tax rate – run like hell!
5. If you are cold called – run like hell!
Remember, you are a sitting duck – and it is open season. Also remember, the good guys like Henry Tapper, Darren Cooke and Al Rush – as well as all the other decent, honourable, ethical advisers who are volunteering their time free to help you avoid the scammers – can give you some invaluable, generic guidance. But someone who is offering to transfer your pension into another scheme is giving you advice.

So what is the difference between actual advice and general guidance? Let us take the example of a medical practitioner: you know a doctor – say a GP – at your local tennis club. You are concerned about your health in general and the fact that you are putting on weight and get breathless going upstairs. The doctor might suggest – as in suggest – that you consider going on a diet and taking some exercise, but that you also consult your GP. That is an informal and friendly (as well as well-meaning and common sense) suggestion. But it does not constitute formal advice. A specialist would look for deeper issues such as blood pressure, signs of diabetes and any other underlying conditions to be investigated – and would prescribe specific treatment.

If all else fails, drop me an email and I will try to help: angiebrooks@pension-life.com – but meanwhile, please buy some good running shoes!

Meanwhile, take a look at just a few of the schemes for which Pension Life is representing groups of victims who have lost their life savings to the same – or very similar – scammers who will inevitably be targeting you now:

Ark

Axiom UPT

Blackmore Global

Capita Oak

Continental Wealth

Fast Pensions

KJK Investments and G Loans

London Quantum

Park First

Salmon Enterprises

Trafalgar Multi-Asset Fund

Westminster
December 8, 2017
PHILLIP NUNN – SCAM OF THE YEAR – BLACKMORE GLOBAL

Pension Scammer Phillip Nunn receiving an award for “Entrepreneur of the Year”

Phillip Nunn has been reported to Action Fraud – which John Ferguson of Square Mile Financial Services describes as being “nobody and with no authority” – on numerous occasions by victims of various scams.

Phillip Nunn, cold caller and “fund manager” of the Blackmore Global investment scam, was given the Entrepreneur of the Year Award by JCI Manchester, but this was reversed shortly afterwards:

“JCI Manchester have today been made aware that an audit may be being carried out in respect of the Blackmore Global Fund. This was not information we were privy to before Phillip Nunn was awarded a ‘Manchester Young Talent Award’ this week.

If such an audit is being carried out, we will await the results of the same and we will consider any other information which comes into the public domain. Pending this, the JCI Manchester board have decided to suspend the award given to Phillip Nunn.”

MYT Phillip Nunn Award Retraction

“An independent panel of judges formed their own view on Phillip Nunn’s submission based solely on the written application received.”

I would love to read Phillip Nunn’s submission. It would certainly make very interesting reading. I doubt it would have included the fact that Nunn and his accomplice Patrick McCreesh were cold callers and lead generators in the Capita Oak/Henley Retirement Benefits/multiple SIPPS/Store First scam – which led to well over 1,000 victims losing over £120 million worth of pensions.

The Insolvency Service produced a witness statement which stated:

“Members of CAPITA OAK indicated they were initially contacted by Craig Mason or Patrick McCreesh of Nunn McCreesh of Its Your Pension Ltd and offered pension review services prior to them being referred to JACKSON FRANCIS or Sycamore for the transfer of their pension to CAPITA OAK.

On 3.3.15 I received an undated letter in which it was stated that Its Your Pension had not traded and was a dormant company and that Nunn McCreesh had traded as an insurance brokerage between 2009 and 2012 when they entered into a verbal arrangement with TRANSEURO where in return for providing pension leads to JACKSON FRANCIS they received a commission from TRANSEURO.

Nunn McCreesh provided JACKSON FRANCIS with 100-200 leads per month which were provided by email and/or telephone for which they received £899,829.86 from TRANSEURO during the period 26.3.12 to 14.5.14.”

Phillip Nunn’s lawyers, Slater and Gordon (funny that, also nominated for an award) tried to claim that Nunn McCreesh’s involvement in the Capita Oak scam was “minimal”. But I wouldn’t describe generating 5,000 leads, cold calling thousands of victims and being paid nearly £900k “minimal”.

On the subject of Slater and Gordon, earlier this year they threatened me with defamation proceedings for exposing Nunn’s scamtivities. It was curious that they couldn’t see any conflict of interest in representing Phillip Nunn when they were also representing the very victims (of Capita Oak) whom he had cold called in the first place.

Slater and Gordon’s Steve Kunziewicz claimed that “Blackmore Global is a prestigious, multi-asset investment house with over £60 million in assets under management, offering institutional and high net-worth clients access to a wide variety of investment products in order to maximise their returns.”

But there is no audit for Blackmore Global and only evidence suggesting the fund is invested in toxic, high-risk, illiquid crap including:

Swan Holding PCC

Kingston Capital Partners (Belize private equity vehicle controlled by Nunn & McCreesh)

GRRE Invest

Spinaris 90 ( UK sports spread betting)

The Blackmore Global audit was promised more than a year ago but never materialised. The audit has now been promised “by the end of the year” – but Grant Thornton won’t specify which year.

However, far from the Blackmore Global fund being aimed at “institutional and high net worth clients”, Phillip Nunn targets low-risk pension savers using a variety of unregulated so-called “advisers” such as David Vilka of Square Mile Financial Services. Many of the Blackmore Global victims were cold-called and/or introduced by Phillip Nunn’s cold-calling outfit, Aspinall Chase. Some were transferred to Maltese QROPS run by Integrated Capabilities and Harbour (now taken over by STM) and to Hong Kong.

Blackmore Global is a UCIS fund – unregulated collective investment scheme. And it is illegal to promote these to UK retail investors as this was banned by the FCA in 2014.

I doubt the other nominees and award recipients will appreciate having been listed alongside Phillip Nunn who has a history of promoting other scammers’ pension scams and is now running one himself. Perhaps JCI Manchester ought to vet candidates for the Manchester Young Talent Awards more carefully in the future.

November 26, 2017
STM FIDECS – SAFE HARBOUR FOR ALAN KENTISH

Gibraltar’s most wanted man – Alan Kentish, CEO of STM Fidecs

STM Fidecs needed a safe Harbour. And now they’ve got one – but is it really safe?

LETTER TO ALAN KENTISH – CEO OF STM FIDECS:

Dear Al, hope you are well. I’m not anticipating a response to this because I know how difficult it must be to type emails when you’re wearing handcuffs. However, I thought I would drop you a line because I am genuinely worried about you.

STM’s harbour for investment scams

You see, I heard you’d bought Harbour Pensions for £1 million – a book of 1,600 members. But how many of these members will want to stay once they find out they are now in the hands of STM? If any of them have got any sense they will transfer out to a decent QROPS trustee who can be trusted to look after their pensions. STM Fidecs allowed hundreds of victims – advised by a known scammer running an unlicensed firm (XXXX XXXX) of the Pensions Reporter/Global Partners Limited) – to be 100% invested in XXXX’s own fund, Trafalgar Multi Asset (now suspended, under investigation by the SFO and being wound up).

The Trafalgar Multi Asset Fund was a sub-fund of the Nascent Platform – one of many operated by Custom House Global offering scammers a cost-effective place to waste pension pots. This provided a low-cost solution to wannabe fund managers to try their hand at playing musical money with victims’ life savings.

What surprises me, is that having proved that STM Fidecs is an incompetent firm run by inept – or perhaps even crooked – people, you would be splashing money around acquiring more victims and more toxic assets. Instead, you should have been paying compensation to your existing victims who may well have lost a substantial proportion of their retirement savings due to STM Fidecs’ own failings.

Having acquired Harbour, you have now added the toxic, illiquid, high-risk, un-audited Blackmore Global fund to your portfolio of worthless crap. Your balance sheet must need disinfectant and a good old scrub.

STM’s balanced portfolio of toxic investment scams – Trafalgar Multi Asset and Blackmore Global

Furthermore, you will now be in league with not one but TWO lots of scammers who are under investigation by the Serious Fraud Office. XXXX XXXX (Trafalgar Multi Asset) and Nunn McCreesh (Blackmore Global) were both behind the Capita Oak and Henley Retirement Benefit pension scams – all 100% invested in Store First store pods.

Seriously, Al, you should think about cleaning up your act – not making it dirtier and murkier. Hope those handcuffs don’t chafe too much.

Best, Angie

November 16, 2017
SCAMS AND SCANDALS SYMPOSIUM – TRANSPARENCY TASK FORCE 15.11.17
IT IS A SCANDAL THAT THE WOLVES, VULTURES, SCORPIONS AND BLOOD-SUCKERS OF THE FINANCIAL SERVICES WORLD STILL FLOURISH

SCAMS AND SCANDALS SYMPOSIUM – PART OF THE TRANSPARENCY TASK FORCE: WEDNESDAY 15TH NOVEMBER AT THE OFFICES OF IG GROUP, 12.30 TO 5PM

Pension and investment scams and scandals are a blight on financial services and saving for retirement. The energetic and inspired campaign by Darren Cooke of Red Circle successfully raised awareness of the problems of cold calling. But the snap general election scuppered serious traction on this and the most the government has achieved so far is to make a vague promise to talk about talking about it. But still it is not illegal, and still the scammers are scamming away merrily.

Chair of The Transparency Task Force

The Scams and Scandals team was formed as a result of inspiration by the Transparency Task Force’s Andy Agathangelou. It has attracted a group of like-minded professionals who believe passionately that a concerted effort should go into coordinating a zero-tolerance approach to scams and scandals. All members of the team are committed to producing a White Paper which can focus the minds of government ministers, regulators and law enforcement agencies on the whole problem – not just the cold calling bit.

Irrespective of which version of which political party we are talking about, the ultimate object of a successful and fulfilled life is to be happy, healthy and solvent. And this includes getting a decent education, leading a responsible and law-abiding life, and saving for a comfortable retirement. Millions of British citizens manage to achieve this goal, but sadly many thousands of them lose part of all of their retirement savings to the armies of scammers.

Pension Life has been dealing with dozens of different scams in different jurisdictions by an army of repeat scammers since 2013. These include Trafalgar Multi-Asset Fund scam operated by XXXX XXXX and facilitated by STM Fidecs in Gibraltar; Continental Wealth Management pension investment scam (with much of the transfer advice provided by “sister” company Premier Pension Solutions run by Stephen Ward); Blackmore Global run by Nunn and McCreesh (who ran the cold calling and lead generation for Capita Oak and Henley); Fast Pensions run by Peter and Sara Moat in collaboration with Bridgebank Capital; Premier New Earth Recycling Fund; Park First – part of Group First (along with Store First); Windsor Pensions and the Danica QROPS liberation scam; London Quantum and Stephen Ward’s Dorrixo Alliance; Holborn Assets in Dubai; Ark (Lancaster, Portman, Cranborne Star, Woodcroft House, Tallton Place, Grosvenor); Toby Whittaker’s Store First; Elysian Biofuels liberation scheme; Axiom UPT; Capita Oak; 5G Futures; Guardian Wealth Management; Square Mile Financial Services; https://pension-life.com/incartus-investment-pension-scheme-in-the-hands-of-dalriada-trustees/Incartus Investment Pension Scheme; KJK Investments and G Loans; Westminster pension scam run by XXXX XXXX; Salmon Enterprises – run by James Lau; Pennines, Malvern and Mendip liberation scams; Henley pension scam run by XXXX XXXX; Evergreen QROPS and Marazion loans; Bespoke Pension Services.

XXXX XXXX, one of the many pension scammers ruining thousands of victims’ lives

All these scams and scammers have caused thousands of victims to lose hundreds of millions of pounds’ worth of retirement savings. And caused untold misery – in many cases exacerbated by HMRC punishing the victims rather than the perpetrators.

The Scams and Scandals Team has a clear five-point goal:
1. Ban UK cold calling and fraudulent calling
We must not let this disappear off the agenda and must keep up pressure on MPs and Ministers – as well as the regulators. But this must also be extended to overseas as we already know that the UK-based cold calling outfits have made arrangements to move their operations or merely facilitate re-routing of phone numbers. However, the twilight industry of “introducing” must also be examined as this is a serious source of scam facilitation.
1. Support Lesley Titcomb “Scammers are Criminals”
Ms Titcomb has publicly declared scammers to be criminals

We must work with the regulators, government and law enforcement agencies to enhance existing and introduce new regulation and legislation to prevent new scams, close down known existing scams and bring those involved in conceiving, operating and promoting both to account.
1. Revitalise Scorpion Campaign
Fundamental to preventing scams is communication to the public of the dangers of cold calls and pension/investment scams which would include the Scorpion Campaign – but so much more as well. A key part of this exercise is the use of social media and the plan to produce a documentary and Youtube channel giving real-life examples of past and current scams. Explaining the mechanics of a scam is one thing – but showing an actual example of a victim and the scammer is bound to have even greater impact.
1. Write off HMRC debt where scams are proven
HMRC celebrating the tax they collect from victims of pension liberation fraud

We need the help of the government here and could do with an actuary to help us work out what the cost to the State is of taxing victims of scams. If we can demonstrate that by ruining a scam victim (who has already probably lost part or all of his pension) with the tax charge, the long-term cost of supporting the victim and his family will far outstrip the tax collected. This is especially well demonstrated in the Ark case where the victims have got to both repay the “loans” and pay the 55% tax even if the loans are repaid.
1. Ensure AML regs include pension scamming
TOBY WHITTAKER’S TOXIC EMPIRE WILL FINALLY BE HUFFED AND PUFFED AWAY

I would widen this to include investment scams. This is because at the heart of every pension scam there is a fraudulent investment (and/or loan). The actual pension itself is harmless as it is essentially just a box with a label on it and only becomes toxic and dangerous once you put the scorpions, snakes and cockroaches inside it. You could equally put fluffy kittens in it. It is the mis-use of the pension “box” which is the scam.
November 6, 2017
BLACKMORE GLOBAL; NUNN McCREESH; SLATER & GORDON; PENSION SCAMS

Pension Investments should be prudent and low risk. Not gambling on crap.

BLACKMORE GLOBAL; NUNN McCREESH; SLATER & GORDON; PENSION SCAMS

Blackmore Global is a UCIS (unregulated collective investment scheme) which is illegal to be promoted to retail, UK investors. The fund is run by Philip Nunn and Patrick McCreesh (formerly of Nunn McCreesh – the lead generation and cold calling firm which introduced around 8,000 victims to the scammers who were running the Capita Oak and Henley pension scams in 2012/13).

It is perhaps more than a little ironic that a pair of cold-callers who were facilitating hundreds of victims being transferred into schemes 100% invested in Store First store pods are now running their own investment fund – Blackmore Global.

Slater and Gordon is a very large firm of no-win-no-fee solicitors with an office in Manchester. I met their National Practice Group Leader and specialist in financial litigation and pension mis-selling in April 2015. His name is Craig McAdam. After going through the various scams I was handling at the time, and the appalling damage done by the scammers to thousands of victims, Craig was thoroughly up to speed on how the scams worked. He was also deeply committed to helping the Ark Class Action and other group actions.

Nunn McCreesh was the introducer of contacts for the pension scammers

Craig McAdam confirmed by email on 16.4.15 that he was looking forward to working with me. A week later he sent a draft engagement letter and confirmed that Slater & Gordon’s success fee would be 15% – although he did revise this up to 18% a couple of days later.

The following month Craig McAdam confirmed he would be attending a meeting with Dalriada Trustees and Pinsent Masons with members of the Ark Class Action. He also confirmed he would be talking to one of Stephen Ward’s many victims: a member of the London Quantum scheme whose trustee was Ward’s firm Dorrixo Alliance.

A month later, Craig McAdam was examining the Capita Oak pension scam run by XXXX XXXX and administered by Stephen Ward, and asked me to put forward one of the victims as a creditor. The Insolvency Service had wound up the trustee of Capita Oak: Imperial Trustees Ltd. Craig then asked me if I was happy for Grant Thornton to be appointed as the insolvency practitioner and I confirmed that indeed I was. I felt that Grant Thornton was a competent and ethical firm and could finally unscramble the mess created by the scammers behind Capita Oak and bring some form of resolution to the victims who were all introduced and/or cold called by Nunn McCreesh.

I was delighted that the same day, one of the Capita Oak victims put herself forward willingly and eagerly as a creditor and Craig McAdam confirmed this to Grant Thornton the following day. At the same time, Craig confirmed that one of the London Quantum victims was a client of Slater and Gordon and made a complaint to FCA-regulated Gerard Associates who had acted as the adviser in that case.

Later in June 2015, Craig McAdam confirmed that Slater and Gordon was instructed by the Capita Oak victim who had volunteered to be the creditor in the liquidation of the trustee of the Capita Oak scam. Craig also sent out letters of engagement to other victims.

In July 2015 I sent a copy of the Insolvency Service’s Capita Oak/Imperial Trustee Services witness statement to Craig McAdam. This statement confirmed that Philip Nunn and Patrick McCreesh’s firm Nunn McCreesh had supplied up to 300 leads a month (for 28 months) to the scammers who promoted and operated the Capita Oak scam: Jackson Francis, Sycamore Crown, Sanderson Clarke, Barncroft Associates, Nationwide Benefits Consultants, Speke Admin, Timoran Capital.

The Insolvency Service witness statement mentioned Nunn McCreesh several times:

“Members of Capita Oak indicated they were initially contacted by Patrick McCreesh of Nunn McCreesh and referred to Jackson Francis or Sycamore for the transfer of their pension to Capita Oak. I wrote to Mr. McCreesh to request a copy of any sales and marketing agreement with Jackson Francis or Sycamore and details of commission received.” Nunn McCreesh and their solicitors admitted they had been involved with the scammers and also Transeuro Worldwide Holdings – one of the main operators of the Capita Oak and Henley scams.

However, Nunn McCreesh was unable to produce copies of invoices or sales ledgers for the money received for their part in these scams. Their solicitors also confirmed that Nunn McCreesh received a commission of 8% of sales and the Insolvency Service stated that there was a “lack of transparency” by Nunn McCreesh.

The Insolvency Service also confirmed that some of the victims had been cold called directly by Nunn McCreesh.

Being in possession of the Insolvency Service’s witness statement clearly galvanised Craig McAdam into an enthusiastic confidence to take on the Capita Oak case and asked me to send him through contact details of all the members. He obviously realised that now the scam was clearly documented and the promoters – including Nunn McCreesh – were now identified without any question of doubt. It was also documented in the witness statement that Nunn McCreesh had earned £900k out of providing at least 8,000 leads for the scam – 300+ of which ended up in Capita Oak and 200+ of which ended up in Henley. It is not clear whether the 8% sales commission was on top of this. 8% of £10.8 million would have been a handsome sum indeed.

I provided Craig McAdam with contact details for the Capita Oak Class Action members and on 21.7.15 he confirmed that cases were “being opened up smoothly”. At the end of 2015, Craig attended a meeting of Class Action members and got to meet a group of victims in person. There can be no doubt that Craig, by now, thoroughly understood the wickedness of the scammers and the profound distress and impending financial ruin of the victims.

So for most of 2015, it looked like Slater and Gordon was going to represent the Capita Oak members – all of whom were initially introduced by Nunn McCreesh. And it looked like Grant Thornton was going to be appointed as insolvency practitioner to Capita Oak’s trustee – Imperial Trustee Services Ltd.

In the event, neither happened. But Capita Oak is now in the hands of Dalriada Trustees – appointed by the Pensions Regulator. And the organisers, promoters and administrators of Capita Oak are all under investigation by the Serious Fraud Office.

Slater and Gordon now represents Nunn McCreesh

In a very curious twist, Philip Nunn and Patrick McCreesh are now running the Blackmore Global UCIS. They are doing the cold calling and the pension administration, as well as running the fund. And you will never guess who their solicitor is: Steve Kunziewicz of Slater and Gordon (Manchester office). And you will never guess who their auditor is: Grant Thornton. You really couldn’t make it up.

Victims of Blackmore Global are indeed extremely distressed. They have either managed to redeem out of the fund at a loss after a protracted struggle, or they are stuck in the fund with no prospect of getting out of it any time soon (if ever).

A year ago, the underlying assets of the fund were confirmed to one victim by Optimus Fiduciaries Ltd, an IoM domiciled company managing the Optimus Retirement Benefits #1 QROPS. Further research discovered these underlying assets were a load of toxic, illiquid, high-risk crap.

Neither Slater and Gordon nor Grant Thornton will confirm what the assets are or how much they are worth – despite Nunn and McCreesh claiming the fund has “£17m under management”. However, £17m is nothing more than a meaningless figure on a piece of paper until such time as the assets are independently verified and audited. Nunn & McCreesh have promised to publish audited accounts for over 12 months now, but failed to do so. One can only assume that to do so would instantly crystallise a true value far below the imaginary £17m and result in a sudden collapse of the fund.

Nunn and McCreesh claim Meriden Capital Partners are the investment manager to the fund

I have asked Steve Kunziewicz of Slater and Gordon on numerous occasions this past couple of months to tell me what the assets are, but presumably Nunn and McCreesh won’t tell their own solicitor – any more than they will tell their own auditors. Perhaps they told the Blackmore Global investment manager, Meriden Capital Partners in Barcelona? The trouble is that Meriden Capital Partners deny that they were ever investment manager to the fund and that Nunn and McCreesh are lying.

I hope the irony of this situation is not lost on the gentle reader: Slater and Gordon solicitors and Grant Thornton being “gamekeepers turned poachers”. My suggestion to both firms is that they should choose their clients carefully and protect their public image diligently. Both firms should decide whether they want to be like Bark and Co who openly represent fraudsters, murderers, insider dealers, hackers, race fixers and other criminals. Or whether they want to be on the side of justice for victims of pension and investment scammers. Because they can’t do both.

September 13, 2017