Tag: Jackson Francis

  • More negligence from trustees Berkeley Burke – Store First

    More negligence from trustees Berkeley Burke – Store First

    Pension Life Blog - More negligence from trustees Berkeley Burke - Store FirstAnother victim of Berkeley Burke SIPPS investments into Store First storage pods has come forward. 55-year-old factory worker Robert McCarthy, of Ebbw Vale, said he has lost more than £30,000 through a Self-Invested Personal Pension (SIPP). He was duped into the transfer and investment by unregulated firm Jackson Francis which was liquidated in 2014.  His investment may or may not be worthless – depending on whether Store First is wound up later in 2019.

    Robert McCarthy – who is one of 500 Store First investors who used Berkeley Burke as their SIPP provider – made a serious complaint against Berkeley Burke – and spoke to BBC News on the matter.

    McCarthy said:

    “Basically I’ve lost my private pension. Thirteen years of hard work, they’ve taken it, it’s gone.

    I’ll never trust anyone again. And I can’t believe that they can get away with what they’ve done.”

    The BBC has reported Store First as saying that: “In McCarthy’s case, Berkeley Burke failed to instruct Store First on how to manage the pods they purchased as part of a SIPPS. This means that the store pods have stood empty since their purchase. With returns based on rent paid for using the pods purchased, no returns have been made on these empty pods.”

    Pension Life Blog - More negligence from trustees Berkeley Burke - Store First - More negligence from trustees Pension Life Blog Berkeley Burke - Store First

    This scam follows the same path as so many other scams we see: an unregulated advisory firm, Liverpool-based company Jackson Francis, introduced the victims to Berkely Burke and the Store First investment. (Jackson Francis was wound up in 2014). With promises of the investment being ‘the next best thing’ and also guaranteed high returns, 500 people signed their pensions over to the SIPPS provider Berkeley Burke.

    Berkeley Burke then invested the SIPPS into the store pods, but failed to give permission for Store First to rent the pods out on behalf of the investors – meaning they stood empty.  Store First said they were never contracted to manage, advertise or let the storage pods.  That responsibility, they say, lies with the pension trustee, Berkeley Burke.

    This is not the first time Berkeley Burke have been accused of negligence. In the High Court last October, Berkeley Burke was found to have failed to show due diligence in vetting unregulated investments for another client. The company are currently seeking to appeal against the decision. But with a further 14 individuals, based in Wales alone, making complaints against them, there is definitely no smoke without fire.

    Pension Life Blog - More negligence from trustees Berkeley Burke - Store FirstVictims were also invested into the Store First storage pods via Capita Oak registered by HMRC on 23.7.2012 (PSTR 00785484RM) by Stephen Ward of Premier Pension Transfers of 31 Memorial Road, Worsley and Premier Pension Solutions of Moraira, Spain. Victims of this scam were lured in by a chap named XXXX who also sold them Thurlstone liberation “loans”. Victims who took the ‘loan’ now face huge tax bills from HMRC for unauthorised payments.

    Whilst Capita Oak tuned out to be a scam (currently under investigation by the Serious Fraud Office) and victims have lost huge chunks of their pensions, the initial presentation they were given made the scheme look 100% genuine.

    I spend a lot of time sharing our blogs over Facebook into different groups, trying to get the message across about pension scams. Interestingly, many of my posts are met with negative comments.

    Last week in a comment on an expat forum, I was told that my blog about expats being targeted by scammers was “irrelevant”. I have also had comments like: “I would never fall for a scam.” However, there is clear evidence that falling for a scam doesn´t make you stupid or naive – especially when the scammers are so good at disguising their sham schemes as genuine investments.

    Pension Life Blog - More negligence from trustees Berkeley Burke - Store FirstStephen Ward of Premier Pension Solutions, our most prolific pension scammer, was a fully qualified (to the highest level) and registered financial adviser in Spain.  He was also a registered pensions trustee (he has only just been banned as a pension trustee – despite his shady past). Yet Ward has promoted not just the Capita Oak/Store First scam, but also many, many more over a ten-year period. Some of these include Ark, Evergreen (New Zealand) QROPS, Henley Retirement Benefits Scheme, London Quantum, Elysian Bio Fuels, Continental Wealth Management.

    Therefore, when it comes to the crunch, it is incredibly easy to fall for a pension scam – especially when it is registered by HMRC and promoted by a qualified financial adviser. It is hard to tell the difference between the good guys and the bad guys (who are so good at clever disguises). Pension scam victims include airline pilots, doctors and nurses, teachers, scientists, bankers and even a solicitor or two.   Anyone can fall for a cleverly-sold scam – and they frequently do.

    Toby Whittaker, owner of Store First, as you can see from his Twitter page, is still promoting Group First and Store First as going concerns.  He is also fighting the winding-up petition by the Insolvency Service against Store First.

    Pension Life Blog - More negligence from trustees Berkeley Burke - Store First

    Despite the fact that the Capita Oak scam now lies in the hands of Dalriada Trustees (appointed by the Pensions Regulator) and the ongoing petition to have Store First wound up (purportedly in the “public interest”), Toby Whittaker still stands proud and says he had no idea that his company was being used as part of a scam.

    Over a period of two years, Store First owner Toby Whittaker paid £33m commission to Transeuro Worldwide Holdings Ltd, which funded Jackson Francis.

    No one knows where the money went, but it certainly didn´t go to the victims of this scam. We can bet it lined the pockets of the scamming salesmen who incorrectly invested over 1,000 victims’ pensions into Store First.

    If the UK government succeeds in its petition to wind Store First up, the hundreds of victims will lose all the funds in their pensions.

    The message here is:

    Scams are registered by HMRC – which can make them appear to be official and bona fide.

    Scammers can make their “schemes” appear to be genuine and to offer viable investments.

    Pensions should be invested in low to medium risk, liquid investments.

    Many funds that promise high returns are also high-risk and not safe for your pension fund.

    Know ALL the facts about your investment and what questions to ask.

    Pension liberation scams are now, thankfully, few and far between scammers are busier than ever, so be careful when investing: scammers lurk all over the globe.

    Pension Life Blog - More negligence from trustees Berkeley Burke - Store FirstAlways use a qualified adviser who works for a fully-regulated firm that has the correct investment license – and not just an insurance license.

    So, if it sounds too good to be true – it probably is.

    And finally…

    Cold called and offered a free pension review – JUST HANG UP.

    Safeguard your pension from the scammers.

  • More bans but still no prosecutions – pension scammers lost in time

    More bans but still no prosecutions – pension scammers lost in time

    Another day, another voluntary ban taken by pension scammers, this time by those involved in the Henley Retirement Benefits and Capita Oak Pension Schemes. It seems there is still no justice for the victims of these financial crimes and there are no consequences for the directors of Transeuro Worldwide Holdings nor Imperial Trustee Services.

    These scammers take a voluntary slap on the wrist and are still free to move on to their next venture.

    Kate Smith, head of pensions at Aegon, said:

    “A ban from being involved in pension transfers is not a strong enough deterrent for other pension scammers. We need to see tougher penalties such as hefty monetary fines to make it clear that this behaviour will not be tolerated.”

    We couldn´t agree more, as stated in a previous article, “The wheels of the law don´t seem to turn at all“, where we highlighted that a mere ban is pointless. Also, the time frame it took for this ban to be enforced is laughable.

    So, it took all this time for (some, NOT ALL) of the scammers involved in the Henley Retirement Benefits and Capita Oak Pension Schemes, to just get a ban. They have not been prosecuted and some of the main players are still at large. None of them have been ordered to pay back the funds they stole in larger than normal commissions – funds which were originally promised to the victims.

    As always, there is a string of firms connected through this case, so bear with me whilst I outline the long list:

    • The directors connected with Transeuro Worldwide Holdings were the focus of this investigation
    • Transeuro helped fund three introducer firms: Sycamore Crown, Nunn McCreesh and Jackson Francis
    • Victims were transferred into SIPPS and pension schemes operated by Omni and Imperial Trustees
    • More than £100m was paid into SIPPS, more than £10m into Capita Oak Pension Scheme and more than £8m to Henley Retirement Benefit Scheme
    • The funds were then invested in assets which paid the scammers 46% in commission

    Victims of Henley Retirement Benefit Scheme and Capita Oak Pension Scheme were cold called and given the hard sell, with promises of high returns. The usual spiel which – if you are considering a pension transfer – should not be believed.

    Bans were given to:

    • Sycamore Crown director Stuart Greehan (also known as Stuart Chapman-Clarke) agreed to a nine-year voluntary ban
    • Karl Dunlop, director of Imperial Trustee Services, agreed to voluntary bans of nine years
    • Ian Dunsford, director of Omni Trustees agreed to a voluntary ban of seven years
    • Stephen Talbot accepted a nine-year disqualification undertaking for failing to explain what happened to millions pounds’ worth of assets

    Pension Life Blog - More bans but still no prosecutions - pension scammers lost in time - Pension scam prosecutions lost in time - henley retirement benefit scheme - Capita Oak pension scheme - Imperial trustee service - Transeuro Worldwide HoldingsThe words ¨accept¨ and ¨agreed¨ are used here, which gives the impression they all sat down to a nice lunch and “agreed” that they may have made a mistake and therefore “accepted” their bans! These people are financial criminals who left many lives ruined. The victims – many of which were already in financial hardship – now have no pension fund to look forward to.

    The Serious Fraud office opened their investigations into the Capita Oak Pension and Henley Retirement Benefits Schemes, as well as Westminster and XXXX’s Trafalgar Multi-Asset Fund, back in May 2017. It is, however, anyone´s guess when this case might be pushed through the high court.

    Stephen Ward – The Death of Trust

  • Unqualified pension scammers banned

    Unqualified pension scammers banned

    Unqualified Pension Scammers Banned

    Articles like New Model Adviser’s report on some of the scammers behind the Capita Oak/Henley/Store First scam getting banned always makes me smile. Knowing that a few pension scammers (four in this case), are being named and shamed – as well as banned from being directors – motivates me to share information about these evil scams with the public.Pension Life Blog - Unqualified pension scammers banned - 4 scammers banned - imperial trustee services - Transeuro Worldwide Holdings

    Directors handed 34-year ban for £57m cold call pension transfers

    Citywire stated:

    “An investigation led by the Insolvency Service revealed the directors were connected with Transeuro Worldwide Holdings, which helped fund two introducer firms Sycamore Crown and Jackson Francis. The firms were involved in the transfer of £57 million of pension savings.

    Sycamore Crown director Stuart Greehan agreed to a nine-year voluntary ban as a result of false and misleading statements to encourage investors to transfer their pensions.

    Karl Dunlop, director of Imperial Trustee Services, and Ian Dunsford, director of Omni Trustees, agreed to bans of nine and seven years, respectively, for failing to act in the best interests of members and ‘failing to ensure investments were adequately diverse’.

    While not a formally appointed director of Transeuro Worldwide Holdings, Mike Talbot (AKA Stephen Talbot) accepted a nine-year disqualification undertaking for failing to disclose what happened to the millions of pounds of pension assets.”

    BUT, IN ADDITION TO THESE EVIL SCAMMERS, THERE WERE OTHER PLAYERS IN THIS APPALLING TRAGEDY AND THEY WERE NOT MENTIONED.  SO HERE ARE THE OTHER PEOPLE WHO PLAYED LEADING PARTS IN THIS FOUL PLAY:

    Stephen Ward of Premier Pension Solutions SL and Premier Pension Transfers Ltd – he handled the transfer administration from the original (ceding) pension providers.  He was, apparently, paid £300 per Capita Oak transfer – and would have known that he was condemning each member to certain loss of his or her pension.

    XXXX XXXX of Nationwide Benefit Consultants, The Pension Reporter, Victory Asset Management and Tourbillon, was clearly the “controlling mind” behind Capita Oak.  He also ran the Thurlstone loan scheme which paid 5% in cash to the Capita Oak victims as a “bonus” or “thank you”.  HMRC is now taxing these payments at 55% as they qualify as unauthorised payments.  XXXX XXXX then went on to launch the successful Trafalgar Multi Asset Fund scam which saw over 400 victims lose their pensions to high-risk toxic loans to Dolphin Trust in an STM Fidecs Gibraltar QROPS.  XXXX – as with most pension scammers – subsequently ignores the plight of the victims when the schemes eventually and inevitably collapse.  XXXX is under investigation by the Serious Fraud Office and was also responsible for the Westminster pension scam.

    Mark Manley of Manleys Solicitors – acting for XXXX XXXX.

    Stuart Chapman-Clarke, Christopher Payne, Ben Fox, Bill Perkins, Alan Fowler, Karen Burton, Tom Biggar, Sarah Duffell, Jason Holmes, Metis Law Solicitors, Roger Chant, Brian Downs, Phillip Nunn and Patrick McCreesh all played further prominent roles in this series of scams and profited to a greater or lesser degree.

    Pension Life Blog - Unqualified pension scammers banned - 4 scammers banned - imperial trustee services - Transeuro Worldwide HoldingsIt is believed that cold calling techniques were used to lure unsuspecting victims into this series of unregulated investment scams. Victims’ pension savings were transferred into bogus occupational pension schemes whose trustees/administrators were Omni Trustees and Imperial Trustee Services.  The schemes were Henley Retirement Benefit Scheme (HRBS) and Capita Oak Pension Scheme (COPS).  But the scammers also used a variety of SIPPS which included Berkeley Burke, Careys Pensions, Rowanmoor, London and Colonial and Stadia Trustees.

    As is often the case in scams like these, the victims were lured in with promises of so-called guaranteed high returns by spivs masquerading as advisers, who were also unqualified and unregulated to give financial advice.

    The unqualified advisers were able to transfer millions of pounds’ worth of pension savings into these schemes which included investments in unregulated storage units and over £10 million into COPS (Capita Oak) and over £8 million into HRBS (Henley). The promised high returns were never paid to the investors – but handed over to the scammers instead. The pension funds are now suspended with the funds trapped in these illiquid investments.

    The company directors have received a total ban of 34 years collectively. Here at Pension Life we would have liked to have seen lifetime bans all round.

    The Serious Fraud Office (SFO) is now moving forward with their investigations against Omni and Imperial. They urge people who are members of HRBS (Henley) and COPS (Capita Oak) to contribute to criminal evidence against the scammers via a questionnaire.

    As always, the team at Pension Life urges pension holders to be wary of pension scammers. Never accept a cold call offer, be aware that scammers lurk everywhere and if it seems to good to be true it probably is!

    If in doubt just walk away!

  • PHILLIP NUNN – SCAM OF THE YEAR – BLACKMORE GLOBAL

    Pension life: 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.
    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.”

    Pension life shows letter with MYT Phillip Nunn Award Retraction
    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.   

     

  • SAIL FINANCIAL – ANOTHER SCAM?

    SAIL FINANCIAL – ANOTHER SCAM?

    Establishing the connection between Sail Financial, Portia Financial and Global Partners Ltd
    Plain sailing in the world of pension scams

    SAIL FINANCIAL AND TRAFALGAR MULTI ASSET FUND: What is the connection?

    Who is behind Sail Financial?  And what is the connection to Trafalgar Multi Asset Fund?  We know Trafalgar Multi Asset Fund was originally run by XXXX XXXX as “Victory Asset Management” and that XXXX had also been behind the Capita Oak, Henley Retirement Benefits Scheme and Westminster pension scams: wound up by the Insolvency Service; now in the hands of Dalriada Trustees and under investigation by the Serious Fraud Office.

    We also know that the £120 million of store pods purchased for Capita Oak, Henley RBS and hundreds of SIPPS are now probably worthless and Store First is subject to a winding up petition due to be heard on 1st August in Manchester.

    In addition to being the Investment Manager of the Trafalgar Multi Asset Fund, XXXX was also the “financial adviser” in the form of his firms Global Partners Limited and The Pension Reporter – a “trading style” of XXXX’s Nationwide Benefit Consultants.  But none of these firms were licensed for pension or investment advice.

    In fact, Nationwide Benefit Consultants were an appointed representative of Joseph Oliver – Mediacao de Seguros LDA, a firm registered with the FCA.  Joseph Oliver is a UK branch of a Portuguese firm and has permission for insurance mediation under both the FCA regulations and those of the Portuguese insurance regulator.

    However, Joseph Oliver’s Marcus Groombridge has stated:

    “I can confirm that XXXX XXXX and Nationwide Benefit Consultants Ltd were appointed on the 29th of May 2014 and terminated on the 8th of April 2016. The permission for insurance mediation covers pension advice.”

    Phew!  What a relief.  I am now looking forward to Mr Groombridge’s full cooperation with putting XXXX XXXX’s victims back into the position they should have been in had they not been scammed into investing their pensions in the Trafalgar Multi Asset Fund in the first place.  I will also probably remind Mr Groombridge that the Trafalgar matter is under investigation by the Serious Fraud Office – along with other pension scams “distributed” by XXXX XXXX in 2012/13.

    If there hadn’t already been enough misery for the hundreds of victims of the Capita Oak and Henley Retirement Benefit schemes run back in 2012/13 – XXXX had also been operating pension liberation in the form of “loans” from his company Thurlstone, based in the Seychelles.  The victims have now been sent tax demands. But XXXX and his solicitor, Mark Manley of Manleys Law, have ignored pleas to indemnify the victims from these crippling tax liabilities.

    I have often wondered what people like XXXX do after their latest scheme collapses or implodes.  History tells us that they simply get straight on with their next one – and in fact had probably started it already.  XXXX  has been a director of seven companies (according to Companies House):

    Nationwide Benefit Consultants (active)

    Nationwide Corporate Benefits (active)

    Proactive Administration Solutions (active)

    Nationwide Trustee Services (dissolved)

    Ashton Abbott (dissolved)

    Nationwide Tax Administration (dissolved)

    Admin Protection (dissolved)

    XXXX  has resigned from Nationwide Benefit Consultants and Nationwide Corporate Benefits – and appointed someone called Raymond Hampton as a director.  But XXXX remains a director of Proactive Administration Solutions.  So perhaps that is one to watch.

    XXXX’s background is in the “distribution of pension schemes” (his words).  He has worked closely with the cold-calling and lead generation firms (such as Jackson Francis, Sanderson Clarke and Barncroft Associates run by XXXX´s mates Ben Fox and Stuart Chapman-Clarke) who were involved in the Capita Oak and Henley scams.

    So what is XXXX doing now?  Perhaps whatever project he is working on involves trying to make enough money to compensate the victims of Capita Oak, Henley, Westminster and the Trafalgar Multi Asset Fund – all of the schemes are now under investigation by the Serious Fraud Office.  It is also probable that Gibraltar Trustees STM Fidecs no longer want terms of business with XXXX XXXX now that so many of his schemes are subject to criminal investigations.  STM Fidecs also probably now realises it was a serious conflict of interest taking business from an adviser who was also the Investment Manager to the Trafalgar Multi Asset Fund – which is now in the process of being wound up.

    While I was idly puzzling over what XXXX´s next scheme might be, I started hearing reports about a firm called Sail Financial doing the rounds of firms in Europe – touting offering to do “introducing” and cold calling.  Looking at the Sail Financial website, it is impossible to see who is involved in the business – no names, no address, no regulation. According to the Companies House register, Sail Financial – incorporated on 8.5.2015 – has two directors: Robert Hathaway and Brian Westhead.  Neither of those names rang any bells with me.

    Hathaway has no other directorships listed.  However, Westhead does: he is listed as a director of a dissolved company called BIGB22 (08559856).  This company’s previous names were Portia Financial and The Pension Reporter: XXXX XXXX’s firms.  These firms have a history of being involved in pension and investment scams, cold calling and unregulated financial advice.  The victims of the Trafalgar Multi Asset/STM Fidecs pension and investment scam were introduced and “advised” by Portia Financial, GPL (Global Partners Ltd) and The Pension Reporter, with advice letters signed by XXXX XXXX and Tom Biggar.

    So clearly there is a connection between Sail Financial and various firms and schemes run by XXXX XXXX – including Trafalgar Multi Asset Fund.  Perhaps XXXX XXXX  is sailing round the Mediterranean now?  I just hope he doesn’t have one glass of champagne too many and fall overboard.

     

  • BLACKMORE GLOBAL FUND – ASSET OR BLACK HOLE?

    BLACKMORE GLOBAL FUND – ASSET OR BLACK HOLE?

    Blackmore or Blackhole Global fund

    BLACKMORE GLOBAL FUND – BLACK HOLE?

    A fund like Blackmore Global really ought to be audited as soon as possible – to make sure it isn’t simply a “black hole” into which victims’ hard-earned pensions have sunk.  Numerous worried pension savers are stuck in the Blackmore Global Fund and finding it difficult – if not impossible – to get out.  They are seemingly “locked in” for ten years.

    I WOULD LIKE TO EXPRESS MY SINCERE THANKS TO THOSE – INCLUDING IFAs, PENSION TRUSTEE FIRMS AND BLACKMORE GLOBAL VICTIMS – WHO HAVE CONTACTED ME AND SUGGESTED IMPROVEMENTS, CORRECTIONS AND ADDITIONS.

    Allegedly, Grant Thornton is working on an audit – and has been doing so since September 2016.  They could probably have audited Microsoft in that time – and squeezed in Amazon on the side during the lunch breaks. Just how difficult can it be to audit a fund which only has a handful of assets in it?

    Originally, the directors of Blackmore Global were Brian Weal, Patrick McCreesh, and Phillip Nunn.  

    Brian Weal – sanctioned by the FSC in 2014 – was also a director of Swan Holdings – the only investment that the Advalorem Value Asset Fund made. Brian Weal was also a director of Advalorem. Advalorem lost most of its money because the investments in Swan Holdings were overvalued. The valuations were supplied by Stuart Black who also provided valuations for a Hedge Fund called Heather Capital which lost $300 million because of overvaluations. Swan Holdings had invested a chunk of cash in Etaireia Investments. Stuart Black was a director of Etaireia Investments. Brian Weal owns a controlling number of shares in Etaireia Investments.  So, make up your own mind as to whether having Weal as a director of Blackmore Global is a good thing or a bad thing – or a “black hole” thing.

    As for Nunn and McCreesh, I will let Leonard Fenton of the Insolvency Service do the talking:

    • Documents and information received from 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.

    So, again, draw your own conclusions about those connected with Blackmore Global.  Nunn and McCreesh generated up to 200 leads a month to pension scammers in relation to a series of pension/investment scams which are now under investigation by the Serious Fraud Office.  This entailed £120 million worth of pensions being invested in Store First store pods which are now the subject of a winding up petition – and arguably worthless.

    When I first started investigating the Blackmore Global fund in 2016, I started with the brochure which makes all sorts of grand claims: “medium to long-term investment vehicle with a diversified investment portfolio
    under one structure. The Company allocates investment between four distinct protected cells, giving a true
    diversification of assets between property, sustainable, private equity and lifestyle”.  Yeah, right.  But what are the underlying assets?  Where is the audit?

    The Fact Sheet goes on to claim the fund’s NAV is £17.65 million and was launched on 1st May 2014.  So why no audit?  It also claims that the Investment Manager is a firm in Barcelona called Meriden Capital Partners.  I thought it a bit strange that a fund based in the Isle of Man would appoint an investment manager in Spain – especially one without a website.  So I called Meriden Capital Partners and asked them to confirm that they were the investment manager.  They claimed they had never heard of Blackmore Global.  Then one of the partners called me back and told me that some man who didn’t give his name had come to their office and asked them whether they would be interested in being the investment manager for Blackmore Global.

    The partner at Meriden Capital explained that they had declined because they were not licensed to provide investment management advice to a fund – only to private individuals.

    But then I discovered that that hadn’t been entirely true either. Meriden Capital had actually completed an application form to apply to become the investment manager to the fund on 4th April 2014.  So either Meriden Capital was lying or Blackmore Global was lying – or both.

    The Blackmore Global NAV Factsheet also states that there is a ten-year lock-in to the fund.  So why would anyone invest a pension in such a fund?  A pension saver has a statutory right to a transfer and might want to take his PCLS – 25% tax free withdrawal at age 55 – or retire, or even die.  What on earth is the point in using Blackmore Global for a pension at all?  Ever.

    As Grant Thorton is clearly having a little trouble with the audit of a five-cell investment fund, I will lay a wee trail of bread crumbs for them to look at.  Clearly they can’t even find the underlying assets – let alone value them:

    Swan Holdings PCC (controlled by Brian Weal)

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

    GRRE Invest – fund manager for aptly-named GRREIF fund (Green Renewable Redeemable Energy Investment Fund –

    GRRE Investment Fund – suspended by Anguilla FSC. (Brian Weal recently resigned as a director but still holds a controlling interest in the Fund – https://beta.companieshouse.gov.uk/company/09132685/persons-with-significant-control)

    Spinaris 90 – UK sports spread betting (invisible – and what happened to Aria Invest?)

    Most of the victims of the Blackmore Global fund were initially cold-called by a firm called Aspinal Chase.  And all the victims were advised by unregulated investment advisers Square Mile Financial Services (an insurance license does not cover regulated investment advice).  But more worryingly, all of them were put into a QROPS in Malta or the Isle of Man.  So why were UK residents transferred to an offshore pension at all, and why were most or all of their pension funds invested in a UCIS which is illegal to be promoted to UK residents?

    The list of questions goes on and on.  And here, we get back to whether the unscrambling of these pension and investment scams is more about who you know rather than what you know.  One victim had his pension invested 75% in Blackmore Global and 25% in Symphony.  Symphony was a fund invested in derivatives and highly leveraged.  It was also a sub fund of the Nascent Fund run by Richard Reinert.  Under the Nascent “umbrella” (a structure for wannabe fund managers) was also the Trafalgar Multi Asset fund which was run by XXXX XXXX who was one of the main distributors behind Capita Oak, Henley and Westminster – all of which are being investigated by the Serious Fraud Office.

    Now we have gone round in a complete circle.  A catalogue of lies, deception, fraud, mis-selling, negligence and incompetence.

    I don’t envy Grant Thornton (if indeed they are the auditors) because they have got to unscramble this unholy mess. And I strongly suspect that, behind the scenes, there are certain parties who are busting a gut to ensure the audit is never published.  Two of these may well be John Ferguson and David Vilka of Square Mile in the Czech Republic who seem to have a strong vested interest in promoting this black hole of a fund.

    Meanwhile, the longer the victims are held back from transferring out of this toxic swamp of a fund, the more serious the complaints against the various parties involved will be.  These will include the cold-calling scammers; introducers; advisers; pension trustees and insurance companies such as Investors Trust who allowed this investment and the pensions transfers from unlicensed advisers.

    Finally, on the subject of Investors Trust, they showed not a shred of interest in the fact that they had facilitated financial crime in allowing UK residents to have their pensions invested in this UCIS, but when I published a photo of John Ferguson and David Vilka posing as a couple of gaudily-dressed spivs in Las Vegas, Investors Trust objected on the grounds the photograph was their property.

    pension-life.com/top-10-deadliest-pension-scammers-hmrc/

     

     

     

     

  • CAPITA OAK – THE GINGER SCAMMER

    CAPITA OAK – THE GINGER SCAMMER

    In the Capita Oak pension scam, the “Ginger Scammer” – XXXX XXXX – is reported to have earned over £200k in transfer/administration fees alone. It is not known how much he earned in investment introduction commissions.

    The Ginger Scammer can afford to stump up some cash for the benefit of the victims of the Capita Oak and Henley Retirement Benefit Scams. Over a thousand victims are facing the partial or total loss of their pensions and are also now being pursued by HMRC for tax liabilities on the Thurlstone liberation “loans” operated by XXXX XXXX

    Here is the email sent to the lawyers acting for XXXX:

    Dear Dick

    I am setting out below the redacted tax appeal in respect of “Mr. X”.  He had the largest transfer in Capita Oak – and by definition the largest Thurlstone loan (operated by XXXX XXXX and Tom Biggar) and resulting tax demand.
    Mr. X’s case was the subject of a Pensions Ombudsman’s determination where Capita Oak was clearly stated to be a scam.   Undoubtedly the Ginger Scammer is familiar with the Ombudsman’s determination: https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-3590.pdf
    Further, I am sure you have seen the FCA sanction against IFA Popplewell:
    £128 million worth of pensions investments is an awfully big number and I am sure that after all the money your client earned out of these scams, he can come up with sufficient funds to place in a secure account for the benefit of the victims who are now being pursued by HMRC for tax on the Thurlstone “loans”.  Although it is a matter of public record that XXXX earned well in excess of £200k in transfer fees in Capita Oak alone, it is inevitable that he will also have received some introduction commissions.
    The Thurlstone loans were operated by XXXX XXXX and therefore he must take responsibility for the tax liabilities on behalf of the victims.  Can you please both get back to me by return.  Ignoring this situation and turning your back on the Capita Oak victims is not an option.
    Regards, Angie
    ——————————————————————————————————————————————————-
                                                                                                                                                  

    HMRC Specialist Personal Pension Schemes Services – Attn Lynn Faulkner                                            11 April 2017

    Fitz Roy House

    Castle Meadow Road

    Nottingham NG2 1BD,

    United Kingdom

    Dear Ms Faulkner

    Ref: Mr. X: UTR: 9227156060 – Amount of Assessment: £31,473.89


    Please accept this as the appeal and request for     postponement of the tax sought by HMRC on behalf of the above-named taxpayer in respect of the protected assessment issued.  The grounds are as follows:
     

    1.       Capita Oak was registered by HMRC on 23.7.2012 (PSTR 00785484RM) by Stephen Ward of Premier Pension Transfers of 31 Memorial Road, Worsley and Premier Pension Solutions of Moraira, Spain.  

    2.       Capita Oak was also registered by the Pensions Regulator (PSR12006487) who had placed Ward’s Ark schemes in the hands of Dalriada Trustees – yet allowed him to register a further scheme with no regard to the risk that it might be a scam (as indeed it was).

    4.       This taxpayer – along with 300 other victims – was given the Thurlstone loan on the basis it was definitely not taxable by an individual who purported to be a financial adviser.  Had the victim known this would be treated as an unauthorised payment, he would not have gone ahead with the transfer. 

    5.       The Thurlstone loans were processed by two CII members practising as financial and tax advisors. They would have known there was a risk the loans would constitute unauthorised payments and result in tax assessments by HMRC.  

    6.       Once the transfer request had been signed by the victim, there was nothing further he could have done to influence any further transactions since these would have been outside of his control.  The trustees, Imperial, and the Thurlstone loan company were by now in total control of the transfer, investment and loan.  The victim had zero input or influence over what happened subsequent to the transfer being executed by the negligent ceding providers. 

    7.       There appears to be no evidence whatsoever that Capita Oak was set up for the purpose of providing an income in retirement for the members.  It must be questioned, therefore, whether it even constituted a pension scheme at all – save for the valid HMRC and tPR registration numbers.  As supported by the Insolvency Service’s witness statement, the following are compelling reasons why this was a bogus pension scheme from start to finish:

     ·         The trust deed was forged

    ·         The sponsoring employer – R. P. Medplant Ltd was stated to be in Cyprus

    ·         The sponsoring employer – R. P. Medplant Ltd did not exist – although there was a company registered in Cyprus called R. P. Med Plant Ltd (which was also used for the subsequent Westminster scam).

    ·         The scheme was set up purely as the “super fund” of a bunch of known, serial scammers, to earn investment introduction commissions of 46% out of Store First’s store pods

    ·         The scheme’s own bank – Barclays – didn’t know it was a pension scheme – and when Barclays eventually realised this, they blocked the account

    ·         No arrangements were ever made to communicate with the members.  Once the various scammers in their respective roles had earned their fees and commissions, they all simply walked away and abandoned the scheme and the members

    ·         The transfer administration was carried out by Stephen Ward, Level 6 qualified CII and author of the Tolleys Pensions Taxation Manual.  After the disasters of both Ark and Evergreen, Ward would have known he was condemning all the victims – whether transferring from personal or occupational pensions – to certain financial ruin and potential unauthorised payment charges

    ·         The unauthorised payment charges arose from the Thurlstone loans and the tax should, therefore, be sought direct from the extremely wealthy scammers – not from the victims of the large-scale Capita Oak scam.

    Angela Brooks – Chairman, Pension Life Group Action