Tag: Fast Pensions

  • Julian Hanson – why pension scammers must be prosecuted

    Julian Hanson – why pension scammers must be prosecuted

    Pension Life Blog - Why pension scammers such as Julian Hanson must be prosecuted - julian hanson - Barratt and Dalton
    Why pension scammers such as Julian Hanson must be stopped before they burn more victims’ pension funds – such as in the Ark and Barratt and Dalton scams

    Julian Hanson – why pension scammers must be prosecuted.

    And jailed.

    BARRATT AND DALTON PENSION SCAM: The Pensions Regulator has announced that on 23 January 2018, four pension scammers have been ordered to pay back £13.7 million they stole from their victims.

    BARRATT AND DALTON PENSION LIBERATION SCAM:

    245 victims had their pension funds stolen by David Austin, Susan Dalton, Alan Barratt and Julian Hanson. Their company – Friendly Pensions Limited (FPL) – acquired the pension funds using cold calling techniques with promises of ‘tax-free’ payments.

    The Pensions Regulator (TPR)  had asked the High Court to order the defendants to repay the funds they dishonestly misused or misappropriated from the pension schemes – the first time such an order has been obtained.

    But this clearly demonstrates that pension scammers should be prosecuted and jailed quickly before they go on to scam thousands more victims.  Julian Hanson – an integral part of the Barratt and Dalton scamming team – was also an integral part of the Ark scam.

    Julian Hanson acted as an introducer/adviser in the ARK case (also in the hands of Dalriada) in 2010/11.  He scammed over 100 victims out of their pensions – totaling around £5.5 million worth of retirement savings.  Hanson, in common with the many evil scammers creating scam after scam, was happy to push aside the appalling predicament of his Ark victims and stroll on to find new victims for the Barratt and Dalton scam.

    Hanson had promised his Ark victims their pensions would be profitably invested in “high-end London residential property” and would grow sufficiently to discharge the 50% they were allowed to take from their funds.  This, he assured the victims, would NOT be taxable.

    As soon as the Pensions Regulator placed the Ark schemes into the hands of Dalriada Trustees, Julian Hanson should have been prosecuted and prevented from ever scamming pension savers again.  But, sadly, he was left free to continue his evil trade.  Hanson was one of a whole army of scammers peddling the Ark scam:

     

    Pension Life Blog - Why pension scammers such as Julian Hanson must be prosecuted - julian hanson - Barratt and Dalton

    And hereby lies a basic flaw in the system: had Julian Hanson (along with his fellow scammers) been prosecuted and jailed for scamming the Ark victims, in 2011, the subsequent Barratt and Dalton victims might have been saved.  However, it will hopefully be the last one that Julian Hanson is allowed to get away with, as his name will now be synonymous with pension scams.

    The same is true for the other introducers/advisers peddling Ark who remain free to continue their trade:

    Andrew Isles is still a practicing accountant at Isles and Storer

    James Ian Hobson of Silk Financial went on to operate more companies which operated lead generation and cold-calling services for further scams such as Fast Pensions and Trafalgar Multi-Asset Fund

    Stephen Ward went on to scam thousands more victims out of their pensions and into toxic investments as well as illegal liberation in the Evergreen QROPS; Capita Oak, Westminster, Southlands, Headforte, and London Quantum.

    The mastermind behind the Barratt and Dalton scam was apparently David Austin – a former bankrupt with no experience of pension investments.  He invested victims’ pension funds in truffle trees and St. Lucia timeshares, and then laundered the victims’ pension funds through relatives in the UK, Switzerland, and Andorra.  Austin used a number of businesses he had set up in the UK, Cyprus and the Caribbean – including Friendly Pensions Ltd.  Austin’s family clearly had no shame about where their money came from and flaunted their new-found wealth all over social media. Fortunately, this vulgar and heartless bragging made the job of gathering evidence for the High Court much easier for tPR

    Pension Life Blog - Why pension scammers such as Julian Hanson must be prosecuted - julian hanson - Barratt and Dalton TPR had appointed Dalriada Trustees to the case, and with this ruling, they will be able to attempt to recoup the stolen money from the four scammers. Unfortunately it is unclear how much money is actually left to recoup as scammers are notoriously clever at hiding their ill-gotten gains offshore and presenting themselves as “men of straw”.

    Nicola Parish,TPR’s Executive Director of Frontline Regulation, said: “The defendants siphoned off millions of pounds from the schemes on what they falsely claimed were fees and commissions.

    “While Austin was the mastermind, all four took part in stripping the schemes almost bare. This left hardly anything behind from the savings their victims had set aside over decades of work to pay for their retirements.

    “The High Court’s ruling means that Dalriada can now go after the assets and investments of those involved to try to recover at least some of the money that these corrupt people took. This case sends a clear message that we will take tough action against pension scammers.”

    One the investments in the Barratt and Dalton scam was £2 million in an off-plan timeshare development in St Lucia called Freedom Bay. This same development also took millions of pounds’ worth of funds from the victims of the ARK scam.  Freedom Bay is now in administration.

    In this scam, operating between November 2011 and September 2014, 245 people were cold called, promises of a cash lump sum and compliant investments at 5% were promised.

    The reality of what happened to the funds was:

    • More than £10.3 million was transferred to businesses owned or controlled by Mr Austin
    • Just £3.2 million of the funds was invested
    • False documents were made to cover these figures
    • Funds given back to the victims were a % of their actual funds and NOT profits
    • More than £1 million was paid to the “ introducers” or “agents” who conducted the cold calls

    Pension Life Blog - Why pension scammers such as Julian Hanson must be prosecuted - julian hanson - Barratt and Dalton One of the victims, Colin, from South Wales, had become the full-time carer for his partner when he was approached via text message. Promised investments in the now bust St Lucia Developments, a lump sum which he planned to spend on a holiday. Having heard about the pension scams, he tried to contact the scammers with no success.

    Colin, 48, said: “I should have known that it was too good to be true. I should have sought advice and asked more questions, but I didn’t.

    “I had contributed towards my £50,000 pension pot, for which I had worked really hard, and now that has been taken from me.

    “The loss of my pension will have a massive impact on my life. When my children finish school I will be around retirement age. There will be no money to draw down when I turn 55 and no pension savings for later life.

    “I was greedy. I feel stupid for throwing away my financial future for £4,200.”

    Pension Life Blog - Why pension scammers such as Julian Hanson must be prosecuted - julian hanson - Barratt and Dalton A couple, John and Samantha, both fell victim to this scam despite being advised by their pension provider that it could be a scam. They received their lump sum and were told their pension was invested in truffle trees. After reporting the case to the police, they were later informed that their lump sum was from their own funds and HMRC promptly served them with a large tax bill.

    John, 46, said: “As a result of my dealings with Alan Barratt my final salary pension is in a scheme that I don’t understand the status of but which I have been told is a scam.

    “As far as I know, the majority of my pension fund is invested in truffle trees but I doubt whether that is legitimate. My partner appears to have lost her pension too.

    “I deeply regret ever listening to Mr Barratt.”

     Pension Life Blog - Why pension scammers such as Julian Hanson must be prosecuted - julian hanson - Barratt and Dalton Why has cold calling not been banned by the government?

    Why are ‘introducers’ still be used?

    Why are the scammers in the Ark case not under criminal investigation?

    Serial pension scammers like Julian Hanson and all the others need to be stopped now.  New laws need to be introduced so hard working and trusting citizens aren’t left with decimated pension funds and huge tax bills they can’t pay.

  • QUILTER – A NEW HOBBY FOR OMI?

    QUILTER – A NEW HOBBY FOR OMI?

    Quilter - Old Mutual International - new name to try to hide past crimes
                                   Quilter – Old Mutual International – new name to try to hide past crimes

    QUILTER – A NEW HOBBY FOR OMI?   OMI – Old Mutual International – needs to compensate thousands of victims of financial crime which they facilitated.  I can’t make up my mind whether they are adopting the brand “Quilter” to attempt to shake off their sordid and toxic past, or whether they are actually taking up quilting.

    If OMI really is going to become a quilter, it needs to make a quilt depicting all the criminals whose crimes it has facilitated for so many years.  And all the victims who have lost part of or all of their life savings.

    What OMI really needs to do is to get firmly behind the prosecution of the criminals – from whom they profited for many years.  OMI must contribute to the cost of denouncing these criminals and ensuring they are given maximum prison sentences.

    Also, OMI – Old Mutual – must stop allowing toxic, professional-investor-0nly structured notes in their bonds.  Typically, these were provided by Commerzbank, Nomura, Leonteq and RBC.  If Old Mutual International wants to gamble away its own money on these crap products, then be my guest.  But don’t expose retail pension savers to these sordid, high-risk instruments – used by the scammers as mere tiles in a game of Scrabble.

    Thanks to IFA Al Rush, there is now a criminal investigation into the hordes of vultures who preyed on the British Steelworkers.  This has been eloquently reported by Henry Tapper in his blog about the police investigation at Port Talbot.

    Al Rush championing the British Steelworkers who have been scammed
     Al Rush championing the British Steelworkers who have been scammed

    Al Rush has suggested the wording which victims can use to report those who scammed – or attempted to scam – them.  And all of what Al and his colleagues have done has been done at their own expense and out of a sense of decency.

     

    Hard to tell the difference between OMI and Quilter and Jabba The Hut
    Hard to tell the difference between OMI and Quilter and Jabba The Hut

    This is in stark and stinky contrast to OMI – Old Mutual International.  Since 2011, OMI has sat and watched – like a cross between Jabba The Hut and a Black Widow Spider – while thousands of victims have seen their life savings dwindle away to very little or even nothing.  And all the while, taking extortionate fees and paying commissions to the very scammers who ruined the victims in the first place.

     

    So does OMI really think that adopting the name “Quilter” will make future victims fail to make the connection – that this is the same firm that took business from dozens of unregulated scammers such as Continental Wealth Management, Abbey Financial Solutions, Holborn Assets, Guardian Wealth Management, and other “chiringuitos”?

    Perhaps the worst crime committed by OMI is not that they took business from unlicensed scammers; not that they allowed 100% of victims’ pension funds to be invested in professional-investor-only, high-risk structured notes; not that they sat there idly and negligently while the clients’ pensions and investments shrank inexorably……

    Old Mutual International - the rubbish end of financial services
    Old Mutual International – the rubbish end of financial services

    the worst of OMI’s crimes has been that when there are only a few crumbs left of a life-time’s retirement savings, they will still charge crippling early-exit penalties.  OMI, or Skandia, or Quilter or Jabba The Hut or whatever the hell this toxic, evil shower call themselves, have no place in financial services.  They have facilitated and profited from financial crime for years and benefited from the misery and ruin of thousands of victims.

    In an attempt to emulate Al Rush’s suggested police report for British Steel victims at the hands of the various scammers who targeted, stalked and scammed them, here is my suggested report for OMI victims to make to the police and the regulators.  Naturally, this will work equally well for victims of Generali, SEB, RL360, Friends Provident, Hansard, Investors Trust etc.

    OMI must be sanctioned for facilitating financial crime
    OMI must be sanctioned for facilitating financial crime

    ‘I was advised to transfer out of my personal/occupational (delete as appropriate) pension scheme and was lied to when I asked about how much money would be taken from me. I think, over time especially, I will lose/have already lost many tens of thousands of pounds (probably, hundreds of thousands of pounds) in fees which were hidden from me.

    This will bleed my pot dry, leave me exposed to poverty in old age and create a burden on the local council.

    I was specifically told there would be no penalties or lock-in periods.

    Can you help me please, I would like to make a formal statement and help you bring charges against those who did this, and those who helped them’.

     

     

     

  • BSPS – Pension Dilemma for Steel Workers

    Pension life advises British steel workers to consider their pension options careful so they don't get scammed. BSPS pension decision to avoid fraud and listen to Henry Tapper (The Pension Ploughman), Al Rush, Darren Cooke

    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

     

     

     

     

     

  • SCAMS AND SCANDALS SYMPOSIUM – TRANSPARENCY TASK FORCE 15.11.17

    SCAMS AND SCANDALS SYMPOSIUM – TRANSPARENCY TASK FORCE 15.11.17

     

    Scams, scandals and creepy crawlies
    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.

    Andy Agathangelou, Chair of the Transparency Task Force
    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.

    CWM "advisers" acted as sharks

    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.

    James Hadley, one of the many pension scammers ruining thousands of victims' lives
    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”
    Lesley Titcomb - head of the Pensions Regulator
    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
    EDWARD TROUP HMRC PENSIONS LIBERATION ACCOMPLIACE
    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
    Store First saw over a thousand pension scam victims lose £120 million
    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.

     

  • REGULATORS AND SCAMMERS

    REGULATORS AND SCAMMERS

    Regulators in all jurisdictions must take action against scammers
    Regulators have got to do some effective regulating

    Regulators and scammers; cops and robbers; cowboys and indians. Each has their role: cowboys fire their six shooters and dodge the injuns’ arrows valiantly; cops drive their police cars at breakneck speed to corner the robbers in a dark alley; regulators waggle their flaccid willies and watch the scammers walk all over them.

    In the week my great friend had his appendix out (somewhat hurriedly as it happens) I thought I would write a slight variation on the Three Sausages poem:

    Regulation, regulation, regulation,
    Three scammers went to the station,
    One got crushed, one got killed, 
    And one got a huge operation. 

    In any civilised society, criminals are jailed. Ours should be the same.
    The sizzling scammers need to be put behind bars – and the keys need to be thrown away.

    Now, I am not suggesting I want the scammers crushed or killed – nor even that they suffer the same pain and discomfort that my mate has gone through in hospital this past week.  But I do want them stopped from harming more victims and destroying more life savings.  And, of course, put behind bars where the only thing they can scam is the soap on a rope.

    WHAT DO REGULATORS NEED TO DO AS A MATTER OF URGENCY?

    All regulators in all jurisdictions where has been a history of scamming and mis-selling need to work closely with governments, tax authorities, financial crime units, ombudsmen and the press.  There has to be a “zero tolerance” attitude to scams and scammers – and all those responsible have to be brought to justice.  And publicly so.  It is clear that most regulators – including the FCA – are limp, lazy and useless and this has to change.  Here are some examples of regulators’ failures in each jurisdiction:

    UK:

    • Allowing unregulated firms to provide financial, pension and investment advice freely and without sanction in the UK.  Sometimes these firms have an insurance license – sometimes none at all
    • Not sanctioning regulated firms for clear breaches and/or fraud – such as Gerard Associates which was introducing Ark victims to Stephen Ward of Premier Pension Solutions as far back as 2010, and was then providing “advice” to Ward’s London Quantum victims
    • Ignoring firms such as Fast Pensions who have defied 37 Pensions Ombudsmen’s determinations
    • Failing to coordinate criminal prosecutions against the scammers behind numerous scams who ruined thousands of lives and cost hundreds of millions of pounds’ worth of life savings
    • Failing to use existing legislation provided by FSMA 2000 to prosecute advisors (regulated and/or unregulated) overtly contravening the ban on communicating invitations to retail clients to invest in Unregulated Collective Investment Schemes
    • Announcing ineffective crack-down plans  by newly-appointed government minsters who have failed to grasp the enormity of the pension scamming industry and the desperate plight of thousands of pension scam victims

    GIBRALTAR:

    • Failing to police and sanction negligent pension trustees such as STM Fidecs for accepting members introduced by an unlicensed adviser: XXXX XXXX of Global Partners Ltd/The Pension Reporter – who was also the fund manager for the UCIS that all the victims had their pensions invested in and which is now being wound up
    • Refusing to communicate with members on the progress of the winding up of the Trafalgar Multi Asset Fund which had been run by XXXX XXXX
    • Omitting to take action against STM Fidecs for its role in the Cornerstone Friendly Society investment scam

    MALTA:

    • Taking no action against Trustees, Integrated Capabilities Malta Ltd (ICML) for accepting retail members from an unlicensed firm in the Czech Republic and knowingly permitting investments in Nunn McCreesh’s UCIS: Blackmore Global, as well as Malta-licensed fund Symphony – a sub-fund of the Nascent Platform that is licensed only for professional investors
    • Not sanctioning Customs House Global, that runs the Nascent Platform, for inadequate due diligence and accepting unscrupulous sub-fund managers (such as XXXX XXXX, investment manager of failed TMAF and later, the recently wound up Symphony Fund) that exploit the platform for the sole purpose of pension scamming

    CAYMAN ISLANDS:

    • Not sanctioning Investors Trust for accepting high-risk UCIS investments for retail investors: Blackmore Global and Symphony

    CZECH REPUBLIC:

    • Allowing an unlicensed firm – Square Mile Financial Services – to operate freely in the EU, providing pension and investment advice with only an insurance mediation license

    ISLE OF MAN AND IRELAND:

    • Ignoring insurance companies which accept investments in UCIS funds and professional-investor-only instruments for retail investors
    • Failing to recognise those registered Closed-Ended Investment Companies whose true nature is as a Collective Investment irrespective of their form, such as Blackmore Global (registered number 010221V), that intentionally circumvent the stricter regulations imposed on collective investments, specifically to hide their financial accounts and the sub-funds which invariably include unsigned loan notes and high-risk hare-brained projects

    DUBAI:

    • Permitting brokers to use unqualified advisers to scam investors into high-risk, high-charges products

    SINGAPORE:

    • Allowing a bank – United Overseas Bank – to steal £2.5 million from a British client and taking no action

    NEW ZEALAND:

    • Failing to act against a pension liberation scam – Evergreen Retirement Benefits Scheme – run by Simon Swallow who was working with Stephen Ward of Premier Pension Solutions and operating Marazion “loans”

    GUERNSEY:

    • Ignoring Concept Trustees (Guernsey) who offered retail investors the EEA Life Settlements UCIS and then accepted investment instructions from unlicensed, un-insured Stephen Ward of Premier Pension Solutions

    ****************************************************************

    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.

     

     

     

  • BRIDGEBANK CAPITAL FAST PENSION SCAM LOANS “SATISFIED”

    BRIDGEBANK CAPITAL FAST PENSION SCAM LOANS “SATISFIED”

    The Fast Pensions Scam funds were discovered in Bridgebank Capital
    Laurence Goodman and the three wishes: please make 37 Fast Pensions Scam loans disappear JUST LIKE THAT!

    Bridgebank Capital’s Laurence Badman Goodman has made 37 Fast Pensions Scam loans disappear as if by magic – while he was on holiday and too busy to engage with Pension Life or the distraught victims of Peter and Sara Moat.

    Having discovered this was where some or all of the elusive Fast Pensions Scam funds were hiding, we all hoped this might finally result in some of the 18 Pensions Ombudsman’s determinations to allow victims to transfer out being complied with.

    We all wanted to believe that Goodman was a good man, but now it would seem the opposite might be the case.  So, one of the following is true:

    1. All the borrowers of the 37 loans have simultaneously repaid their loans on 17th August 2017
    2. The loans have been sold or transferred on to somewhere we can find them (yet)

    Sara Moat had been claiming that Fast Pensions was merely the administrator of the pension schemes, and that it was ultimately the “responsibility of the trustees to decide whether the transfers could be made”.  Of course, the Companies House records showed that the Bridgebank Capital loans were made in favour of Sara Moat as trustee (along with another stooge called Martin Peacock). This scuppered Sara Moat’s excuse and exposed her as a liar once again.

    So, when Goodman has finished having a jolly time on the Costa Lot, necking his champers and writing his postcards to his mate Pete, perhaps he might find a moment to be sober enough to remember that I am meeting the Serious Fraud Office next week.  And most of the Fast Pensions Scam victims have also submitted their reports to the SFO.

     

  • BRIDGEBANK CAPITAL AND THE FAST PENSION SCAM

    BRIDGEBANK CAPITAL AND THE FAST PENSION SCAM

    We know Fast Pensions is a scam - but is Bridgebank Capital No. 5 kosher?
    Frantic with worry – the Fast Pensions victims now know their pension funds are being used for property loans.

    Bridgebank Capital seems to be a bona fide property loan company – providing bridging and development finance. Nothing wrong with that.

     

    But Bridgebank Capital No. 5 seems to be full of Fast Pensions money and locked into term loans secured on a variety of domestic and commercial properties.  Each charge refers to the trustees of four of the Fast Pensions schemes: DM1, FP1, EP1 and Leafield.  The trustees of each of these schemes are clearly identified at Companies House as Sara Moat and Martin Peacock.  (Interestingly, Sara Moat is telling victims that “the trustees” have to decide what happens to the pension monies – while hiding the fact that she is the trustee).

    Of great concern is the fact that one of the borrowers, Clearclose, has gone bust owing the pension fund nearly £900k.

    The Pensions Ombudsman has made 18 determinations against Fast Pensions – but Sara and Peter Moat of Fast Pensions have studiously ignored them.  I sent links to all of the background to Fast Pensions to Laurence Goodman of Bridgebank Capital on 6th August 2017:

    Dear Mr. Goodman

    It was good to speak to you on Friday.
    First of all, may I say that I recognise that Bridgebank Capital is a bona fide finance company and I mean no criticism against you or your company in the summary I am setting out below.  I have tried to summarise the position in a bullet-point series of statements to make this as easy to understand as possible.
    Once you have read and digested this, please can we start a dialogue about what happens next.  What the members need to know, is how much do these various loans/charges/mortgages in favour of the four Fast Pensions schemes realise when they mature, and what will happen to the money.  I realise you are restricted to an extent in terms of what you can tell me, but there are many Fast Pensions victims who will happily provide you with letters of authority as they are the beneficiaries of the pension schemes and have a legal right to know what has happened to their pension funds.
    Best, Angie
    —————-
    * There are hundreds of members of various pension schemes (including DM1, FP1, EP1 and Leafield) run by Peter and Sara Moat of Fast Pensions – a pensions administration company.
    * The Moats maintain they are not the trustees of the schemes.  Peter Moat (masquerading as “James Porter”) told me the trustee was a company called FP Scheme Trustees, of which one Jane Wright is sole director.  She was an employee of Moat’s at his former company Blu Properties in Javea which folded and it is believed she was paid to be the director of this company.
    * The charges registered at Companies House for Bridgebank Capital No. 5 show all the loans as being in favour of Sara Moat and Martin Peacock (an associate of Peter Moat’s) as trustees of the Fast Pensions schemes.
    * The various Fast Pensions schemes – including DM1, FP1, EP1 and Leafield – I believe are all bogus occupational schemes.  When I say bogus, what I mean is that they were not set up to provide genuine pensions for employees of a company which intended to trade and create jobs, but merely as a vehicle for a pension liberation scam.
    * Peter Moat told me (while he was masquerading as a “James Porter”) that the underlying assets of the Fast Pensions schemes were “invested in Bridgebank Capital” and also in another loan company called Pamplona Capital Partners.  Clearly, having the underlying assets of a pension scheme solely “invested” in property loans is not acceptable.  A pension scheme is required to have low-risk, liquid assets as members have a statutory right to a transfer and need to be able to take their 25% tax-free lump sum at age 55, or retire or die.
    * The Moats have failed dismally to communicate with the members or respond to transfer requests for a long period of time – causing considerable distress to the victims.  The Pensions Ombudsman has made a large number of determinations in response to complaints by the victims and has ordered Fast Pensions to allow the victims to transfer out and pay compensation for their distress.  These 18 determinations have all been ignored by Fast Pensions:
    Needless to say, there is no evidence that the Moats have complied with any of these determinations and the victims themselves report that they have not.
    * Alongside the pension transfers and lending of the pension funds to Bridgebank Capital No. 5, the Moats were operating pension liberation in the form of loans from Moat’s companies Blu Debt Management and Umbrella Loans.  Victims were told these loans were not connected to the pension transfers and would not be taxable.  HMRC is now sending out tax demands in respect of these loans.
    * There are grave concerns about the Bridgebank Capital No. 5 loans for the following reasons:
    1. We do not know what the total amount lent to Bridgebank Capital is
    2. There are multiple loans to the same parties
    3. One borrower is in liquidation
    4, We do not know what the terms of the loans or the interest payable are
    * The greatest concern is that if any part of the money is recoverable and is paid back into the control of the Moats, it will simply “disappear” again and not be available for the benefit of the members who are the ultimate beneficiaries.

     

     

  • WHAT IS WORSE? A SCAMMER OR A SCAMMER’S LAWYER?

    WHAT IS WORSE? A SCAMMER OR A SCAMMER’S LAWYER?

    Scammers are loathed by victims, regulators, police, ombudsmen and financial services professionals whose professional reputations are compromised by the nefarious practices of the scam merchants.  But however damning the hard evidence is about the scams and the various promoters, introducers, advisers, administrators behind them, the scammers still protest their innocence.

    Even when there are announcements and articles in the public domain confirming criminal investigations, winding up petitions, arrests, Pensions Ombudsman’s determinations, regulatory intervention and sanctions, the scammers still try to protest that they are innocent and that the damage done to the victims is everybody else’s fault but theirs.

    But as soon as I publish something on the Pension Life blog, to inform and warn the public, the scammers’ solicitors swoop like vultures with their cease and desist letters – threatening defamation proceedings.  Never mind the £ millions lost to hundreds or even thousands of victims – many of whom are worried sick about losing their pensions; never mind the tax demands which are driving the victims to complete despair and could result in HMRC making them bankrupt; never mind the heart attacks, strokes and other fatal illnesses brought on by stress and sleepless nights.  The scammers’ solicitors pull out all the stops – even going so far as to threaten the Pension Life web host and complain to Google about Pension Life’s website blogs.

    I’ve been through this with – among others – Stephen Ward of Premier Pension Solutions – who actually took me to court for upsetting his “picky” clients (Ward didn’t even turn up); Paul Baxendale-Walker, the disgraced former barrister (struck off) and porn star; XXXX XXXX of Global Partners Ltd and The Pensions Reporter (now under investigation by the SFO);and now Peter Moat of Fast Pensions (see Sam Brodbeck’s article of 1.7.2017).

    In fact all these solicitors – including DWF, Mishcon de Reya, Carter Ruck, Manleys Law, Molins & Silva et al, all bleat that the Pension Life blogs are harming their clients by “causing reputational damage generating huge financial damages and danger of losing business interests and opportunities”.  But not so much a squeak about the huge financial damages the scammers they represent cause to the victims who are in danger of losing their homes.

    And not a word about the crippling financial damages the scammers they represent cause to the victims who are in danger of losing their homes.

    Below is the email exchange between Peter and Sara Moat’s solicitor Monica Caellas and me dated 27th June 2017. Worth noting she has not responded.  Perhaps her website, email and telephones have been hit by the same virus as appears to afflict the Moats and Fast Pensions?

    Ms. Brooks:

    We hereby contact you in name and on behalf of our clients, Ms. Sara Grace Moat and Mr. Peter Daniel Moat, in connection with the statements set forth in the article “Peter Moat and Sara Moat – Fast Pensions” (hereinafter, the “Article”) included in the website https://pension-life.com/peter-moat-sara-moat-fast-pensions/ since May 18, 2017.  I am enormously relieved that you have contacted me and would be most grateful if you would be kind enough to act as intermediary in relation to many hundreds of victims who have been scammed out of their pensions.  As you can imagine, this is an extremely worrying time for these people and some of them are now receiving tax demands from HMRC as the Moats were operating pension liberation fraud as part of the “package”.

     

    Some of the statements of the Article are extremely serious and could be constitutive of various crimes sanctioned by the Spanish Criminal Code; among them, serious offences of defamations and calumnies.  I do not agree that the Moats’ actions include defamation and calumnies – but they certainly involve pension, tax and investment fraud.

     

    FAST PENSIONS is a UK Limited Company licensed by HMRC. No it is not.  HMRC do not license companies in the UK.  HMRC registers pension schemes, but this implies no approval or license.  

    Ms. Sara Moat is the sole Director and the sole shareholder of FAST PENSIONS. Her husband, Mr. Peter Moat is the owner and administrator of Blue Property Group, a Group of corporations that has nothing to do with FAST PENSIONS. From a corporate point of view you are correct, however, Peter Moat was the controlling mind behind the company and has been masquerading as “James Porter” in his communications with the victims to attempt to conceal his involvement.  Also, I think you will find that Blue Property Group has gone bust and owes money to creditors all over the Costa Blanca.

     

    With the Article you have caused serious confusion against third parties and it is hurting my clients and their companies. I regret that neither the victims nor I will have any sympathy whatsoever with any hurt your clients are experiencing.  They have hundreds of victims’ pensions in limbo – and despite numerous Pensions Ombudsman’s determinations, no transfers out (which is a UK citizen’s legal right) have been facilitated.  The victims of this scam include several deaths whereby the deceased pension member’s family has not been able to benefit from the pension fund as required by law in the UK.

    In particular, the Article expressly and roundly states “There have been a number of Pension Ombudsman determinations which expressed concerns about the maladministration of the unlicensed firm [Fast Pensions] owned by the Moats”. Yes.  This is in the public domain on the Pensions Ombudsman’s website.

    In this sense, you claimed that a number of very distressed and worried members of the Fast Pensions scheme had contacted you, while those four hundred worried members have not directly contacted FAST PENSIONS itself. I cannot comment on how many worried members have directly contacted Sara and Peter Moat (masquerading as “James Porter”) direct.  Many may have attempted to do so but the Moats have made this impossible by disabling their website and emails and not answering their phones.  Their claims that the website, email and phone number have all been hit by a “mystery virus” are simply not credible.

    As a consequence of the alleged existing claims you contacted Mr. James Porter, the person in charge of leading with any pension queries for Fast Pensions and that has nothing to do with Mr. Moat, despite your suggestions of identifying them as the same person.  That is not correct.  Peter Moat contacted me, pretending to be “James Porter”.

     

    Anyhow, and after being correctly assisted by Mr. Porter, you claimed that he takes days to respond and you interpreted that as a “deliberate attempt to make it difficult to contact anyone at Fast Pensions”, which is untrue, since all queries have been responded to and dealt with quickly. I am afraid you do not know the facts.  Numerous victims have attested to the fact that their desperate pleas to transfer out have been ignored.

    If there were clients with concerns they would contact FAST PENSIONS in the First instance to get these resolve.  Why don’t you try contacting Fast Pensions and let me know how “fast” they respond?  A journalist tried to contact them just now and got this response: Your message wasn’t delivered to james.porter@fastpensions.co.ukbecause the domain fastpensions.co.uk couldn’t be found.

     

    Moreover, in the Article you have made several statements that make Mr. Peter Moat, Ms. Sara Moat, FAST PENSIONS and all of Mr. Peter Moats companies look like a scam. Then I have done my job properly.  They are all a scam.

    For example, by trying to link Mr. and Ms. Moat as well as FAST PENSIONS to Mr. Sthephen Ward. Also, and more seriously, you stated that you are afraid that the professional environment of Mr. and Ms. Moat “has undeniably got all the hallmarks of a typical, bog standard scam”. And you insisted: “It looks, feels, smells like a scam”.  And I stand by all of that.  And so does the Pensions Ombudsman.

     

    As a consequence thereof, there are actually a huge number of parties affected by the Article, Peter Moat and his associated companies, Ms. Moat and FAST PENSIONS. The unjustified reputational damage caused by the Article is generating huge financial damages and is putting Mr. Peter Moat and his companies in danger of losing business interests and opportunities.  Perhaps you would like to ask some of the victims how they feel about poor Mr. and Mrs. Moat losing business interests and opportunities?

     

    Based on all the foregoing, and without prejudice to the express reservation of legal actions that correspond to my clients, through this communication you are FORMALLY REQUIRED TO IMMEDIATELY REMOVE THE ARTICLE FROM THE WEBSITE AND STOP DISSEMINATING IT THROUGH INTERNET.  I will happily reach an agreement with you Monica: you get Sara and Peter Moat to return all the victims’ pensions to them immediately  – in full plus interest – and I will remove the article.

     

    Otherwise, we will be forced to exercise the corresponding judicial actions, especially criminal ones, to protect our clients in defense of his freedom and other rights that protect them.  I hope you will exercise criminal judicial actions against your clients who have scammed hundreds of victims out of their pensions.  Meanwhile, a little friendly advice – as a Spanish lawyer you clearly do not understand UK law, so please tread very carefully.  You clearly do not know the facts and are in danger of defending a party which has clearly contravened UK law and compromising your own standing as a legal practitioner in Spain.

     

    Sincerely,

     

    Mònica Caellas

    Advocada

     

    Aribau 198, planta 5                 José Abascal 56, planta 6

    08036 Barcelona                       28003 Madrid

    Tel. 0034 934 152 244              Tel. 0034 913 103 008

    Fax 0034 934 160 693              Fax 0034 913 915 158

     

    www.molins-silva.com

     

  • PETER MOAT AND SARA MOAT – FAST PENSIONS

    See how fast your pension can disappear?

    There is growing concern about Peter Moat and Sara Moat of Fast Pensions.  There have been a number of Pensions Ombudsman’s determinations which expressed concerns about the maladministration of the unlicensed firm owned/run by the Moats.

    One of these was reported by FT Adviser on 10th May 2017:

    Fast Pensions told to pay £79k death benefit

    The article stated the Pensions Ombudsman had told Fast Pensions it must pay out a death benefit to the widow of a former client after the company was accused of purposely delaying payments and quoted the Ombudsman as saying: “We have dealt with a number of other cases recently involving Fast Pensions, where there have been continued failures to respond to requests.”
    The Ombudsman went on to cite delays and maladministration on the part of Fast Pensions which caused much distress and inconvenience to the complainant.  Apparently, Fast Pensions has failed to comment and Karen Johnston, Deputy Pensions Ombudsman, has said: “We have dealt with a number of other cases recently involving Fast Pensions, where there have been continued failures to respond to requests and payment/transfer applications. Fast Pensions has also failed to communicate effectively with this office.”
    A number of very distressed and worried members of the Fast Pensions scheme have contacted me and asked me to help them find out why they can’t transfer their pensions out (as is their statutory right).  I filled in the contact form on the Fast Pensions website (there was no address, email or contact number on the site) and was contacted by James Porter. He told me that after some administrative problems in 2016, he had been appointed in January 2017 to look after the pension queries for Fast Pensions.
    He also said he was dealing with all the members and the Ombudsman.  However, the members have claimed Porter takes days to respond and that Fast Pensions have failed to pay compensation they were awarded and to facilitate transfers out.
    CONTACT DETAILS
    Porter’s email address is james.porter@fastpensions.co.uk and Fast Pensions have just changed their postal address from PO Box 4385 08121954: Companies House Default Address Cardiff CF14 8LH to Crown House 27 Old Gloucester Street London WC1N 3AX on 18 May 2017.  This is a virtual office with thousands of companies registered there and nowhere near where Porter appears to be based in Manchester or where Moat is based in Javea, Alicante, Spain.  There is nothing wrong with using a virtual address – I use a UK one myself as I am resident in Spain. But then I don’t run a pension scheme and the members suspect – perfectly understandably – there has been a deliberate attempt to make it difficult to contact anyone at Fast Pensions.
    When we spoke a week or so ago, Porter – a very personable gentleman – assured me he was dealing with everything assiduously and that there would soon be a contact number and address so that worried members could contact the company.  He told me there were about 400 members in total and he reassured me that the assets of the schemes were unregulated long-term loans held within bonds.  What I relief!  He said he would be sending out a newsletter to update all those who are so anxious to know whether their pensions are safe and are desperate for news as to when they can transfer out.  Unsurprisingly, nobody has any confidence in the custodianship of their pensions.
    There are a few worrying things about Fast Pensions – apart from the various Ombudsman’s determinations, the numerous worried members and reports of liberation and tax demands – and that is that Sara Moat resigned as a director on 17.3.17 and then a Sara Grace Moat (with the same date of birth) was appointed as a director on 6.4.17. Sara, or Sara Grace, is also director of Fast Enrolment of Gilbert Wakefield House Bewsey Street Warrington WA2 7JQ.

    Would you buy a second-hand house from the Moats?

    Peter Daniel Moat and Sara Grace Moat have been involved in a string of businesses called Blu somethingsomething… Blu Debt, Blu Property, Blu Property Group, Blu Financial Services of Cinnamon House, Cinnamon Park, Crab Lane, Fearnhead, Warrington WA2 0XP etc.  As director of Blu Debt, Peter Moat introduced one victim to Stephen Ward’s Ark pension scam – and charged him £500 for “advice”.

    The Moats also have a business in Javea called DEYSE INVESTMENTS SL  plus Blu Holding Group, Desinplot, Desysins, Deysecomunic, Deyserents, El Arenal de Deyse, Property Exchange.  I feel exhausted just thinking about running so many businesses and think I can understand why Fast Pensions has not received the attention it deserves when the Moats have so many other ventures – all based in Javea, Spain.  The address for some of these businesses is Avenida la Llibertat 31, Javea 03730, Alicante.  But who knows – it could equally be somewhere in Moraira at Stephen Ward’s office, or at LettersRUs next to Barclays Bank.
    I have asked James Porter who the trustees are and for a complete schedule of the scheme assets.  Many of the members suspect that Mr. Porter is actually Peter Moat.  If this is true, then it is hard to understand why he would hide behind his pregnant wife.  When their baby is born – and I do of course wish them well – I hope they will be more decisive about names than Sara Moat is with her directorships on Companies House.
    Meanwhile, there are 400 people worried sick about their pensions.  And I am concerned that the track record which is in the public domain in both the UK and Spain does not inspire confidence – neither does the Moats’ inability to spell the word “blue”.  Further, the fact that the underlying assets of the scheme are unregulated loans and that the trustees are an unknown entity.
    Nice as James Porter was when we spoke by phone, and sincere/reassuring as he sounded, I am afraid this has undeniably got all the hallmarks of a typical, bog standard scam.  It looks, sounds, feels, smells like a scam.  The victims are not stupid.  Neither is the Pensions Ombudsman.  The jury is out on the Pensions Regulator.  I still wish and hope that it is not a scam and that the victims will be able to safely transfer out their pensions and receive their awarded compensation without further delay.