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False Adverts

ANDREW LINN

Sensible Options

The Mail on Sunday dated 15th June 03 stating that Sensible Options  who's only aim is to cheat people along this coast from their hard earned money and should not be encouraged in this by allowing advertising space in newspapers. This article was sent to the SUR in English in June 2003 who then withdrew this advert from future editions.

The advert has now re appeared in The Euro Weekly in February 04

and in the SUR in English.

Henry Woods Investment (Donald Nott) had an avertisement on the Onda Cero International Radio  claiming they had licences from the Direcion De Seguros DGS and Mercado De Valores CNMV to conduct business in Spain

This is not true and is confirmed on the CNMV Web Site

http://www.cnmv.es/index_n.htm?/Advertencias/Nacionales

/VisualizaAdvertencias.asp~/vacio.html



The above was not a news item but an article sent to the Euro Weekly by Henry Woods. Euro Weekly printed the article without  checking facts.

The statements are untrue, Henry Woods Investment Management have no licence to operate, furthermore Henry Woods have not wonany court cases and Donald Nott certainly has not been exhonerated.

 

Where can one get 10.25%?

 

OUR LETTER TO INVESTLIFE...They did not respond

Paul Henrion
Investlife
Luxembourg


6 October 01
Dear Mr Henrion

I am writing to ask you if your product is properly authorised for distribution in Spain?
I do not know if you are aware that all products offered in Spain for distribution is only

 permitted with specific approval.

If your product is registered you will be required by Spanish Law to:
1. Use an IFA who is registered with the CNMV.     ( Henry Woods are not registered)
2. Only sell the product to 'Non Residents'    ( I have in my syndicate 25 ex clients who

are residents)

I find your product very misleading, I know that a number of similar products which were

 sold 5 years ago and are due to mature in a few months time and unless there is a very

significant increase in the world market indices then thousands of folk are going to be

shafted by this type of investment.
Dear Mr Henrion

I am writing to ask you if your product is properly authorised for distribution in Spain?
I do not know if you are aware that all products offered in Spain for distribution is only

 permitted with specific approval.

If your product is registered you will be required by Spanish Law to:
1. Use an IFA who is registered with the CNMV.     ( Henry Woods are not registered)
2. Only sell the product to 'Non Residents'    ( I have in my syndicate 25 ex clients who

 are residents)

I find your product very misleading, I know that a number of similar products which were

 sold 5 years ago and are due to mature in a few months time and unless there is a very

significant increase in the world market indices then thousands of folk are going to be

 shafted by this type of investment.

The investment returns are dependent on the worst performing sector of 8 sectors chosen

 from the Dow Jones Europe STOXX - They are - Energy, banks, insurance, Autos,

Food, Media, Chemicals and Healthcare. If one of these sectors closes lower at the end

of the 5 year term than the starting level then the level of return begins to reduce from the

 maximum 9.856% pa compounded or 60%(on the growth option). Should the worst

performing sector close 20% or more below the opening level then your original

investment only is returned less any "income" taken over the period........most people just

 buy it because it says "10.25% p.a.":

In the UK such investments as yours have been made illegal unless, if a broker wishes to

 sell them he may do so only if he posts a warning regarding the risks to loss of capital in

 a "significant manner" . Nott's/ Henry Woods advertisements would be illegal in any other

 country in Europe. I have copied the advertisement to the appropriate authorities to enable

 them to see no warnings.

I think products like yours are the next financial services "scandal" because believe me Mr

 Henrion this product is not suitable for retired people, and this is whom Donald Nott aims

at, who are looking for security and income. In fact in my opinion and that of other leading

 IFAs in the UK this is an unwise investment.

I am copying this email to your regulators, the CNMV, the Direccion General de Seguros,

 all regulators and press in Europe to enable the authorities to be aware of your product

and that it is being marketed by Henry Woods without authority and without any risk

 warning.

I would also mention that The Costa Del Sol Compensation Group will be making

peaceful public demonstrations should any product producers attend Spain for Seminars

held by Henry Woods.

Yours Truly
David Klein

Copies Luxumburg Regulators CNMV, DGS, IMORO, PIA.SFA FT, BBC4, FT, IMM,

 PIntM.

 


The investment returns are dependent on the worst performing sector of 8 sectors chosen

from the Dow Jones Europe STOXX - They are - Energy, banks, insurance, Autos, Food,

 Media, Chemicals and Healthcare. If one of these sectors closes lower at the end of the 5

 year term than the starting level then the level of return begins to reduce from the maximum

9.856% pa compounded or 60%(on the growth option). Should the worst performing

ector close 20% or more below the opening level then your original investment only is

 returned less any "income" taken over the period........most people just buy it because it

 says "10.25% p.a.":

In the UK such investments as yours have been made illegal unless, if a broker wishes to

 sell them he may do so only if he posts a warning regarding the risks to loss of capital in

a "significant manner" . Nott's/ Henry Woods advertisements would be illegal in any other

 country in Europe. I have copied the advertisement to the appropriate authorities to

enable them to see no warnings.

I think products like yours are the next financial services "scandal" because believe me

 Mr Henrion this product is not suitable for retired people, and this is whom Donald Nott

 aims at, who are looking for security and income. In fact in my opinion and that of other

leading IFAs in the UK this is an unwise investment.

I am copying this email to your regulators, the CNMV, the Direccion General de Seguros,

 all regulators and press in Europe to enable the authorities to be aware of your product

and that it is being marketed by Henry Woods without authority and without any risk

warning.

I would also mention that The Costa Del Sol Compensation Group will be making peaceful

ublic demonstrations should any product producers attend Spain for Seminars held by

Henry Woods.

Yours Truly
David Klein

Copies Luxumburg Regulators CNMV, DGS, IMORO, PIA.SFA FT, BBC4, FT, IMM,

IntM.

 


 

 

Offshore Money Managers are a company we have in the High Courts in Madrid with several elderly members who have lost most of their money taking advice from Colin McCreedy.

 

© COSTA DEL SOL ACTION GROUP
Against Unlicenced Financial Advisers & Product Providers that support them.