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LATEST INFORMATION

E-mail to investors in Charterhouse Trust Credit Union
 
I am reproducing for your information below an abridged extract from an e-mail to me from Carl Turpin who is the majority shareholder and CEO of Oakdene Homes plc - a very substantial UK property developer.
Mr. Turpin confirmed to me that Andrew Adams and Alan Doust are a pair of complete rogues who have defrauded him and his companies over the Peacehaven land that they claim they own on behalf of Charterhouse Trust Credit Union. You will doubtless recall that Andrew Linn informed you in writing that the stake in that property was valued at £15 million. What stake they do have is just one acre of the claimed nine acres and that acre is totally landlocked and inaccessible.
Mr. Turpin is applying to the court to have the transfer to Doust and Adams' company set aside for fraud. As both Doust and Adams are of no fixed abode it has proved impossible to serve them with court papers.
Mr. Turpin is a Chartered Accountant and Insolvency Practitioner by profession and he and his solicitors will be assisting the Official Receiver and St. Albans County Court.
If anybody now gives Adams, Doust and Linn one iota of credibility they should be certified insane.
Best regards,
Gwilym
9th February 2007
 
 
 
Dear Gwilym
 
I have forwarded your emails to my solicitors James B Bennett of Crawley ,and am liaising with Michael Whitlock who lent to Andrew Adams etc the sum of £100,000 re the land at Newhaven. He has an action in the High Court regarding a charge over the shares of The South Coast Land & Resort Company Ltd which secured his loan.
Adams transferred the shares to an offshore company and I and Michael Whitlock are aiming to set those transfers aside. I have also commenced an action against one Fred Nash who sold his half  interest in the land to Adams. He had already sold this to Oakdene Homes, but we could not register the title due to Adams' objection. He then blackmailed Nash to get the transfer of the half interest. I have reported Adams to the DTI who have taken no action as quote ''it is only a small case'' . The accounts filed for his companies are always non-trading even though transactions pass through the account mainly transfers in from Gibraltar and transfers out to various Adams' ventures.
I only know this as Fred Nash had a number of The South Coast Land etc bank statements.
I will keep you informed if I hear anything else. I am to meet with Nash who tells me he has more info on Adams. He will tell more as the court date approaches and I will keep you informed.
 
Regards
 
Carl

 

 

SEE CTCU Property Fund Ltd. in compulsory liquidation.

 

Andrew John David Linn and John Findlater OBE

are ordered to appear at the

 Marbella criminal court Juzgado de Instrucción N.º1 at 12 noon on 30th January 2007

 

 

To be served formally with the charges against them of fraud and illegal misappropriation of funds from investors in Charterhouse Trust Credit Union Ek. för. Missing funds are believed to be in excess of £2 million. The two defendants will be notified at court of the date when they have to appear in the court to make their declarations and be questioned by the Judge, the Public Prosecutor and the lawyers acting for the investors.

Investors have been trying for two years to recover their investment monies for which they were guaranteed the illusory return of 12% pa plus a 3% bonus. The investors have been refused by Linn, Doust and Adams any information as to what has been done with their money. All three have tried to deny that they are directors of Charterhouse, and have been for at least five years, contrary to certification by the Swedish authorities.

A public warning has been placed on the web site of the Swedish Financial Services Authority Finansinspektionen warning the public about Charterhouse Trust Credit Union as an illegal operation. That warning has been repeated on the FSA web sites of all the Scandinavian and Baltic countries, Iceland, Slovenia, France, Germany, Austria, Italy and Spain.

The two other directors of Charterhouse Trust Credit Union, Alan Paul Doust and Andrew John Adams, both in the UK will be served with the charges by the British police at the instigation of Interpol.

Two UK companies were used by the defendants as conduits for investors' funds.

CTCU Property Fund Ltd. is now in compulsory liquidation with the UK authorities, forces of law and order, the Official Receiver and the liquidator informed that it was part of an international fraudulent
conspiracy. Doust and Adams have been ordered to attend the creditors' meeting at court in St. Albans on 25th January under threat of arrest warrants if they fail to appear. They have already dodged one hearing.

CTCU Properties Ltd. was being struck off the UK companies register for non-filing of returns until the authorities were advised of the company's role in fraudulent activities. The striking off has now been suspended for six months.


Correspondence with the UK Cabinet Office indicates that JohnFindlater will be stripped of his OBE on conviction.


 

 

January 07

Charterhouse CTCU Property Fund Ltd is now in Compulsary Liquidation

 

1st December 06

Finansinspektionen, the Swedish Financial Services Authority, has issued a public warning about Charterhouse Trust Credit Union, which has taken illegal deposits believed to be in excess of £2 million pounds mostly from expatriate Britons living in Spain.
 
''
2006-11-21

Warning for Charterhouse Trust Credit Union Ek. för.

Charterhouse Trust Credit Union Ek. för. has no licence from Finansinspektionen to conduct banking- or financing business. The company is not registered to conduct any other financial business and therefore not under the supervision of Finansinspektionen.
 
Finansinsinspektionen has found that the company conducts deposit business, which has to be registered at Finansinspektionen. The company has not, despite request, applied for registration or supplied Finansinspektionen with explicit information regarding the company´s business. Therefore the company has been ordered to cease its business.
 
According to Bolagsverket (the Swedish Companies Registration Office), the company has the following address: c/o ABT, Box 45088, 104 30 Stockholm, Sweden''
 
The unfortunate investors in CTCU have fruitlessly spent many months endeavouring to ascertain what has happened to their investment monies. They are none the wiser.
The registered directors of Charterhouse Trust Credit Union are:
Andrew John David Linn of Marbella
Alan Paul Doust in the UK
Andrew John Adams in the UK

 

 

 

News and Views for September 2006

Consumer group trumps as watchdog

Financial investigator Tony Hetherington of the Sunday Financial Mail and other leading newspapers picked up the baton passed by Expat Investor readers and exposes the scam scheme Remington FTSE Index Funds.

 

It’s not often that a consumer group spots a questionable investment ahead of official watchdogs, so top marks to the Costa del Sol Action Group for contacting Expat Investor about a fascinating scheme called the Remington FTSE Index Funds comfortably ahead of warnings we received from government regulators.

 

The scheme involves trading in Footsie options ‘while limiting capital risk’, according to its prospectus. Behind the scheme stands Remington York Limited of Belize, and its boss Andrew Linn of Marbella . The prospectus is oddly vague about Andrew Linn’s professional experience, saying that he has ‘owned and operated several companies in Spain’, but without naming even one.

 

It certainly does not mention Sensible Options, operated by Linn in 2003, which advertised: ‘Invest your capital in a British government bond and receive a regular monthly income of 12 per cent a year’.

This was hokum! There was no 12 per cent bond, and the advertisement was completely misleading. Anyone who replied was asked to deposit tens of thousands of pounds with brokers in Gibraltar or London. Some cash went into government stocks but the monthly income was supposed to come from trading in FTSE options.

Linn’s firm did not even control the trading. This was done by another company, Investment Program Management, controlled by a man called Leonard Berney. And when one broker after another severed ties with Sensible Options and IPM over their advertising claims, Linn, who had earlier looked every inch a pukka financial adviser, was suddenly reduced to whining that he could not answer questions because his firm simply stuffed envelopes with material supplied by Berney! Leonard Berney was already known to financial watchdogs. In the 1980s he was involved in a traded options scheme in which investors lost half their capital. In the early 1990s he advertised a return to investors of 41 per cent, but his Surrey address proved to be a mail-drop and UK regulators stopped Berney in his tracks. Then in 1998 Berney used a Dublin address to advertise a yield of 18 per cent, only to have the Central Bank of Ireland condemn his venture as ‘unlawful’.

 

And surprise, surprise, Leonard Berney is credited in Andrew Linn’s new prospectus as the author of the trading formula used by the Remington York funds. The prospectus reassures investors that though retired, Berney is still a consultant, and uses ‘the modified Berney Theory’.

Against this background, nobody should be startled by the warning from authorities in Belize that Remington York is not licensed to operate international collective investment schemes or engage in investment promotion.

Nor should anyone be stunned by the notice from the Financial Supervision Commission of the Isle of Man. It quotes documents claiming that Remington York’s funds ‘are based in the protected British Crown Colonies of Isle of Man’, before adding that the company has no genuine presence on the island and is not licensed to offer investments.

Readers are invited to contact Tony Hetherington via the editor at Hannah Beecham

 

Warning notice issued by the Financial Regulator of the Central Bank and Financial Services Authority of Ireland.
IPM Inc. held itself out as having a Dublin address implying authorization in Ireland. That is a criminal offence.
The persons behind Investment Program Management Inc. are Andrew Linn and Leonard Berney both of Marbella. The warning is on the Financial Regulator's web site now.

 

Investment Program Management Inc  (IPM)

This company is run by

Andrew Linn, John Findlater OBE and Leonard Berney

 

 LOCAL FINANCIAL ADVISERS IN COURT

 

The Costa del Sol Action Group CDSAG (www.costa-action.co.uk) was started by David Klein nearly four and a half years ago after David Klein and his wife lost money due to the incompetence and mis-selling of his local financial adviser. David could not obtain any recompense or redress because the company was not licensed or authorized by any official body in Spain such as the CNMV or DGS in Madrid, Gibraltar FSC or the UK FSA.

 

From these relatively humble beginning the CDSAG has now grown to represent more than 700 families who have suffered similar losses totaling a staggering £80 million.

The lawyers acting for the CDSAG, initiated proceedings in  Spain's Supreme Criminal Court in Madrid culminating in a class action on behalf of selected aggrieved parties against certain financial advisers. The Comisíon Nacíonal del Mercado de Valores (CNMV) and the National Fraud Squad in Madrid estimate that the number of expatriates who have suffered at the hands of unscrupulous and unauthorized financial advisers could run as high as 17,000 in Spain.

 

The amount of paperwork produced for the court is awesome with reams of documents translated from the original English into Spanish for the court process.

The first named defendants have now been ordered to appear before the courts in Benidorm and Marbella to make their depositions and be interrogated by the Judge and lawyers acting for CDSAG on behalf of victims.

John Anstey Findlater OBE who sold the IPM FTSE-100 Fund, Sensible Options and Charterhouse Trust Credit Union amongst others on the Costa Blanca is to appear before the court in Benidorm on 11th April 2006 to testify.

Colin McCready of Offshore Money Managers in Marbella, Christopher Labrow , formerly of Labrow International with McCready and now Chairman of the Gibraltar Association of Stockbrokers and Investment Managers and Donald Nott of Henry Woods Investment Management in Marbella have all been ordered to appear before the Juzgado de Instruccion Nº 4 de Marbella at 10am on 12th May 2006 to make their declarations.

 

Costa Del Sol Action group - where are we NOW?

The Costa Del Sol Action Group, formed over 4 years ago,  now has over 700 families all of whom have been missold investments. Nothing whatsoever to do with markets going up and down! A number of families have been caused such severe hardship that they have been forced to sell their homes in Spain and return to the UK.

The action group decided, based on the advice of lawyers, to force a number of Costa del Sol based financial advisers to answer for their actions at  the Criminal Courts in Madrid.  This matter is still progressing to its final conclusion in the High Court of Spain. 

How did this situation arise?

English language newspapers and radio stations on the Costas are prepared to allow unregulated financial advisors to advertise and create the impression that they are large firms with all the neccessary regulatory matters in place.....but this is far from the case for most of them.     Many publish full page advertisements from financial advisors offering all kinds of investment schemes, inviting the public to seminars and often sponsoring local events in an attempt to create the illusion of legitimacy.   Many of these so called advisers will do almost anything to get you to part with your hard earned cash.

Unlike the UK most of these advisers do not have professional qualifications .  The Companies that appoint them to sell their products have almost always made these appointments without due diligence tests to determine the suitability of these "advisers".   They seem not to care!   All they appear to be interested in is finding someone to "flog their wares" regardless of the financial consequences for the poor investor!    When a complaint arises these Companies will tell you that the adviser is not their agent BUT the agent of the investor. This is the nonsense of the law of agency under which these Companies and advisers hide when things go wrong.  Of course, if you are seeking compensation due to bad advice there is very little likelihood that the adviser will have deep enough pockets to pay out and the Company with all the money denies liability.   Catch 22, and the investor is the victim.  

Some of the cowboys who operate here on the Costa del Sol are earning as much as 10% commission on your investments and in such cases there is little likelihood of you making a decent return too!    

The Costa Del Sol Action Group (CDSAG)  has posted many warnings regarding the risks of investing in viaticals (buying life assurance policies from people with limited life expectancy)  but neither the advisers flogging them nor the local papers taking money for advertising these unregulated and highly risky investments did anything to prevent them from selling these high risk investments.   When the operator of the scheme these advisers were using was prosecuted for fraud local investors lost millions.   However, the advisers who flogged this rubbish in the face of countless warnings simply to make large commissions immediately reinvested themselves under a different name and continued selling financial products to unwary investors, as if nothing had happened.  There is clearly no moral standard or decency about any adviser who trades in this way.

The latest craze on the coasts is Equity Release.   In the mid - late 80's when equity release was first introduced in the UK following a lengthy period of property price increases thousands of retired people took loans against the equity in their property.  When the UK property market (and the investment market) fell in the late 80's thousands of retired people lost their homes as the banks called in their loans.  This all happened in a regulated environment - there is no regulation covering such schemes here in Spain.   Those who take such loans in Spain do so at the ultimate risk of the loss of their home if things go wrong.  

The UK now regulates UK equity release schemes in a more detailed manner than ever before but even now the UK regulator has said:    " We are very conscious that equity release is an area that is relatively high risk.  There is the potential for people here to make some very bad decisions and there is the potential for mis-selling.  We have seen examples of mis-selling in all areas".   Since its launch in April last year  the FSA's Financial Promotions Department has taken action against 44 companies for misleading advertising.  If the advertising now taking place in the Costa del Sol was repeated in the UK it would be subject to disciplinary action by the UK regulator.  The problem in Spain is that such arrangements are not regulated at all and neither are the advertisers offering such schemes.  So, if you walk into such an arrangement unsuspectingly you may end up losing your home.   Caveat Emptor still applies - Let the Buyer Beware. 

One of the banks offering equity release financing is Barclays Bank, from its Jersey office.   However, this has been brought to the attention of Barclays Bank here in Spain by the CDSAG.    Barclays Bank (Spain) recently hosted a seminar, with guests from the Spanish national regulator  the UK regulatory authority, under the Chairmanship of the British Ambassador to Spain warning the public against unregulated brokers operating here on the Costa del Sol.  

Barclays Bank Spain are embarrassed that another area of this international bank has been trading in Spain through the very same unregulated advisers that they were warning investors about only a few months ago.    CDSAG has now challenged Barclays Bank  Spain, asking ' How on earth can you host seminars giving warnings etc and then allow another area Barclays to work with these unregulated advises?"   CDSAG believe that Barclays Bank Spain will shortly be making an announcement.   Other offshore banks will be monitored and where they work with unregulated advisers CDSAG will make the  reports to the appropriate Spanish authority.

The British Embassy have since published a brochure designed to warn expatriate investors  about unregulated operators and advising potential investors to check careful the credentials of any adviser they are contemplating using. 

Advisers caught up in viatical fund dilemma

see below

 

Latest inormation from the Spanish Regulators regarding

Henry Woods Investment Management’

Dated

21st June 2004

 


Translation :
CNMV
To: Mr David Klein

Madrid, 21st June 2004
Dear Sir
In response to your correspondence dated 19th January and 2nd March 2004 and registration numbers 2004002600 and 2004022270 respectively, we can confirm that ‘Henry Woods Investment Management’ continues to provide investment services in Spain, without the legal authorisation in the terms set out in the Securities Markets Legislation (Ley del Mercado de Valores) and Royal Decree 867/2001, of 20th July, on the Legal Regulation of Investment Businesses1.
At this point, it is appropriate to point out that on 9th October 2003, the CNMV issued a warning to the public, with a copy translated into English, warning the public that Henry Woods Associates, SL (the CIF number and Registered Office of this company are the same as those used by Henry Woods Investment Management in their documentation, which in principle indicates that they are the same company) is not authorised to carry out investment services in Spain. 
Finally, we would like to thank you for the information you sent us and we are letting you know that it will be dealt with in the appropriate manner as part of the duties legally conferred to the CNMV. 
Yours faithfully
 
Elena Brito Alonso
Director of Investments

18th June 2004

The Direcion De Seguros ( Spanish Insurance Regulators) have announced on their website that   Henry Woods is not authorised in Spain to deal with Insurance Products.

See web site.

http://www.dgsfp.mineco.es/DGSFP/Informacion+al+publico/EntidadesNOautorizadas.htm

25 May 04

Confirmation in writing from Spanish Regulators stating Henry Woods not authorised.

English Translation :
CNMV
To: Mr David Klein

Madrid, 21st June 2004
Dear Sir
In response to your correspondence dated 19th January and 2nd March 2004 and registration numbers 2004002600 and 2004022270 respectively, we can confirm that ‘Henry Woods Investment Management’ continues to provide investment services in Spain, without the legal authorisation in the terms set out in the Securities Markets Legislation (Ley del Mercado de Valores) and Royal Decree 867/2001, of 20th July, on the Legal Regulation of Investment Businesses1.
At this point, it is appropriate to point out that on 9th October 2003, the CNMV issued a warning to the public, with a copy translated into English, warning the public that Henry Woods Associates, SL (the CIF number and Registered Office of this company are the same as those used by Henry Woods Investment Management in their documentation, which in principle indicates that they are the same company) is not authorised to carry out investment services in Spain. 
Finally, we would like to thank you for the information you sent us and we are letting you know that it will be dealt with in the appropriate manner as part of the duties legally conferred to the CNMV. 
Yours faithfully
 
Elena Brito Alonso
Director of Investments
 
 
In reply to your email dated 10th May in which you request confirmation on whether Henry Woods Associates SL is authorised to carry out the activity of insurance broker in Spain. This Office informs you that, having examined the Special Administrative Register of Insurance Brokers, and their duties and responsibilities, as referred in Article 15.4 of Law 9/1992, of 30th April, on Private Insurance Agents, ‘Henry Woods Associates SL’ does not appear in the Register, and therefore is not authorised to carry out the activity of an insurance broker in Spain.

Madrid, 12th May 2004
Sub Inspector of Unit

 

6th April.

WE  HAVE A BROCHURE PUT OUT BY SCOTTISH WIDOWS AND HENRY WOODS INVESTMENT MANAGEMENT.
THIS CLEARLY STATES
Henry Woods are regulated with the Direcion  General de Seguros to promote investment products in Spain.
This is untrue and has been reported with supporting evidence to the Regulators.

IT ALSO STATES:-

OFFERS GUARANTEED BENEFITS WHERE THE VALUE OF YOUR INVESTMENT CAN ONLY GO UP.  YET ALL OUR MEMBERS LOST MONEY.

 

24th March

We have been informed that the Seminars of Henry Woods have been cancelled. We are monitoring the situation in the event that there are any last minute changes.

 

19th March 2004

The Costa Del Sol Action Group is organising a public demonstration outside the Seminars being held by Henry Woods Investment Management (HWIM). This is being carried out with full Police Permission.

Members wishing to attend please make contact with us as we have arranged all transport etc.

We are now aware that Henry Woods Investment Management is going to run a series of four seminars in the Costa Blanca area.
The advertisement for this has appeared in the Costa Blanca News.
HWIM are informing the public that "the problem last year has been resolved as Mr Nott has won his case against those who libelled him"  !!!!!
The seminars are entitled
 "If you truly value your investments"  
what a joke!
Nott has some guest speakers
1.  Tony Haire...ex bank manager of Cater Allen Bank and now a Director of the new relationship Nott who has set up with Guardian Trust Company
2.   Phillip van Neste, Managing Director of the Guardian Trust Company
3.   "Representatives" from Close asset Management (Jersey)
4 "Representatives from The Low Risk Fund (IOM)
He also seems to have recruited a team of four new guys to work for him in the Costa Blanca!
 
We are making a public demonstration.
Leaflets will be worded
 
DANGER……WEALTH WARNING
"IF YOU TRULY VALUE YOUR INVESTMENTS"
DONOT
GIVE YOUR MONEY TO NOTT
Donald Nott is the Principal of the Unregulated Investment Brokers
Henry Woods Investment Management
This warning is from the Costa del Sol Action Group 
(also open to Costa Blanca expats who have lost money because of bad investment advice).
We have over 250 Members many of whom have lost their life savings as result of trusting Henry Woods.   Henry Woods are under investigation by the Spanish High Court and are expected to be found guilty of trading illegally and responsible for the loss of millions of pounds of honest expatriates money.
If you want further information on the complaints made against Henry Woods take a look at  www.costa-action.co.uk
The companies attending this presentation are unregulated in Spain.   Their products are not authorised for distribution in Spain.   You will not get any satisfaction from them if you lose money as they will refer you back to "your agent"….. Henry Woods.  If you are yet another victim of Henry Woods mis-selling you will not be covered by any form of Compensation Scheme nor do they carry Professional Indemnity insurance to cover you when they are guilty of negligence
We suggest you check this out with the CNMV
( Spanish Regulators
 

After visiting our Spanish Lawyers we have been informed that they have had further meetings in Madrid at the Spanish Regulators request (CNMV). They informed our lawyers that they have had representation from the European Commission requiring information.

We are also informed that the National Police have now been called in by the Judge to investigate certain matters and report their findings to the court.

The Lawyers representing the Gibraltar Government have now made contact with our lawyers. They have arranged to meet to discuss various matters which were raised by the COSTA DEL SOL ACTION GROUP
who took  direct action with the Governor of Gibraltar to investigate matters under the Ordinance Order.



Keep watching our web site we are constantly updating.

 http://www.costa-action.co.uk/

 



Advisers caught up in viatical fund dilemma


From the Costa Del Sol Action Group www.costa-action.co.uk who warned everyone about this 3 years ago


- 24-Mar-2005

UK investors and IFAs who placed over ?26m in an offshore Shepherds traded life fund face uncertainty as the beleaguered US company it invested through faces collapse.

The fund, which was marketed by Shepherds in 2003, buys viaticals - life insurance policies from US citizens with potentially fatal diseases.

Shepherds Select Funds plc, based in the Isle of Man, invested 85 per cent of its cash through stricken Florida-based policy market-maker Mutual Benefit Corporation. It was closed after MBC was placed into receivership last May amid accusations of securities' regulation violations.

MBC's receiver is returning to court next month calling for reorganisation of the way that the company pays the premiums on traded life policies. The receiver is concerned there may have been serious underestimations of life expectancy by MBC and there may not be the funds to keep up payments on the 7,184 life policies which have a total value of around ?820m.

The receiver has considered selling, cashing in early and asking investors to help.

IFAs are worried that the US receiver will use Shepherds' funds to pay premiums of older policies, such as those on surviving HIV and Aids patients who have lived far longer than MBC had predicted. This could leave UK investors in the Shepherds' fund faced with contributing further money to keep policies alive or losing part of their initial investment.

Shepherds says losses are not certain but says IFAs will carry any liability if any shortfalls lead to claims because the fund should have been marketed to experienced investors as being high risk. But some IFAs are questioning why Shepherds invested through MBC when it was being investigated as early as 2000.

A group of advisers is co-ordinating IFAs with interests and concerns on the issue through a website at www. shepherdstlp.com. Advisers also ask why 85 per cent of the fund was invested with one firm when a ceiling of 20 per cent for any one asset class was set but Shepherds says the investment was permitted because MBC is a market-maker sourcing assets and is not a product provider.

A Shepherds' fund based in the Cayman Islands has also been delisted, leaving Sipp and Ssas investors forced to redeem and IFAs facing repaying commission.

Select High Security Fund director Jeremy Leach says: "The investment objectives for this fund were very clear. If IFAs quantified the risks to their investors, I cannot see why they would be exposed but we have some IFAs who want to cast blame to exonerate themselves from how they considered the literature. Fifty-four per cent of the policies that we have invested in have matured before life expectancy and that money is held in trust."

Financial Services Legal consultant Gareth Fatchett says: "The key issue here is who knew what and when."?
 


 

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