Tag: Sanderson Clarke

  • 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.

     

  • 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 

  • Henley Pension Scam

    Henley Pension Scam

    HENLEY PENSION SCAM

    THE WAY THE SCHEME WORKED

    This was the “sister” scheme to Capita Oak, whose trustee was Imperial Trustee Services.  The Henley trustee was Omni Trustees.  Both Omni and Imperial were wound up by the Insolvency Service in the summer of 2015 and the two schemes had around £20m invested in Store First store pods.  Store First is part of Toby Whittaker’s Group First – and another of his companies is Park First which Stephen Ward’s London Quantum scam was invested in.

    The Henley Retirement Benefits Scheme was a bogus occupational scheme registered by HMRC and the Pensions Regulator.  The scheme received £8.6m from members of the public between 2012 and 2013.  

    The administrator to the scheme was T12 Administration followed by DBC Pension Services Ltd on 7.3.13. Stuart Chapman-Clarke’s firm Sanderson Clarke was involved in promoting the scam.  The store pods were purchased by solicitors Metis Law in Leeds.

    The victims were promised guaranteed 16% returns and were told they could legally access 50% of their pension without incurring tax liabilities.

     

    https://www.pensions-ombudsman.org.uk/wp-content/uploads/PO-4414.pdf and https://www.gov.uk/government/news/insolvency-service-takes-action-to-protect-pension-funds