To Enrique Agüera Lorente and whom it may concern,
I presume that you still have the misfortune to represent Andrew Linn in relation to the benighted Charterhouse Trust Credit Union and its illegal activities in Spain and elsewhere.
The Costa del Sol Action Group recently received a notarial demand from you on behalf of Linn referring to alleged defamatory statements and Linn himself has gone very public on the internet threatening defamation proceedings and, indeed, has stated that such proceedings have already been instituted against the CDSAG and those responsible for it. Linn claims:
‘‘Legal proceedings for the recovery of damages and costs are now under way
against Klein, Rhys Jones, and other representatives of the Action Group.’’
This claim is, as far as we are aware, totally untrue. As of today we have received no notice of any such proceedings. We welcome defamation proceedings from Linn and the consequent judicial forum to state our case and to expose his lies and skullduggery.
Linn is a director of Charterhouse Trust Credit Union Ek. för. and has held that role for some five years. This a fact confirmed by Bolagsverket - the Swedish Companies Register. Alan Doust and Andrew Adams are equally reticent about their directorships. All three have publicly lied claiming that they are no longer directors and have resigned.
As you are well aware the members of, or investors in, CTCU have been trying without success to ascertain the whereabouts of their investment funds believed to total in excess of £2 million.
In every way your client and his co-directors, Alan Doust and Andrew Adams, have lied, prevaricated, obfuscated and obstructed to avoid disclosing what they have done with the CTCU’s members funds. A promised audit last March by KSI Consulting in Marbella never happened and was yet another stalling tactic. It is claimed that funds are invested in UK property, but your client and his co-conspirators refuse to divulge details of any such property. The transparency claimed by your client is a total myth.
The Swedish Financial Services Authority, Finansinspektionen, posted on its web site on 21st November 2006 the following warning to the public:
‘‘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 above public warning has been duplicated on the equivalent Financial Services Authority web sites in Spain, Norway, Denmark, Iceland, France, Holland, Slovenia, Italy, Austria, Estonia and Finland. The FSA in the UK has been informed and will doubtless follow suit.
Effectively Charterhouse Trust Credit Union has now been branded and condemned as a criminal enterprise worldwide.
It was claimed by Linn and his accomplices that the address stated above in Stockholm was the main business office of Charterhouse. This is a total lie because it is a company brass plate registration office similar to those one encounters in Gibraltar. In fact the proprietor of that office even refused to accept a recorded delivery letter addressed to Charterhouse’s registered office.
The Charterhouse brochure given to potential investors claimed Ernst & Young the international Chartered Accountants as its auditors. Ernst & Young say they have never heard of Charterhouse.
(Edited e-mail from Ernst & Young in Stockholm in reply to an enquiry as to whether they were auditors to Charterhouse Trust Credit Union as claimed in the CTCU brochure.
Ernst & Young wrote:
‘’1. We are not the auditors to this company.
2. As you can see we have never been auditors to the company and I don´t know why they have put our name on their brochure. This is all the information I have.
Graphic Design Ernst & Young AB
Marknad & information’’)
The brochure claimed that Jyske Bank in Gibraltar were Charterhouse’s bankers. One unfortunate investor transferred his funds to the claimed account at Jyske Bank and Jyske Bank rejected the funds.
Investors in Charterhouse were subsequently instructed to transfer their funds to the bank accounts of two UK companies at HSBC in Swanage, Dorset: CTCU Property Fund Ltd. and CTCU Properties Ltd. The use of the word ‘Fund’ is obviously intended to deceive as if it were a Fidelity or Gartmore type of mutual fund or unit trust. The directors of those two CTCU companies are Alan Doust and Andrew Adams.
CTCU Property Fund Ltd. is now in compulsory liquidation with the Official Receiver and CTCU Properties Ltd. is due to be struck off the register of companies.
You may not be familiar with the name of Tony Hetherington who is the UK’s Nº. 1 financial investigative journalist and has been a household name in the UK for many years. Mr. Hetherington writes for the Mail and Mail on Sunday newspapers, the Times and Sunday Times newspapers and Expat Investor magazine. He has written for many newspapers and magazines for many years exposing boiler room and other global financial and investment scams, frauds and chicanery. He has targeted Andrew Linn and his partner Leonard Berney over the years and their dubious and illegal investment schemes such as IPM Investment Program Management, Inc. and Sensible Options (much the same thing).
Astonishingly Linn has claimed of the CDSAG:
‘‘Their latest tactic is to feed heavily loaded information to UK financial journalists
writing in little-known UK publications. If an article follows, they post it on their
web site crediting the publication in question, and quoting a ‘UK publication’ source
that they hope will be more credible than their own flawed postings.
At the same time they have somehow inveigled experienced financial
journalist Tony Hetherington into a diversionary tactic aimed at discrediting their critics and diverting attention from their money-making activities at the cost of investors.’’
There is no need to add comment. This contemptible nonsense from Linn speaks for itself.
‘’IPM is not involved in selling investment products in Spain, nor does IPM target the
Far East. Andrew Linn is not a partner of Leonard Berney, nor ever has been. In fact
Linn is not involved in selling any investment products.’’
Linn and Berney have worked hand in glove together on IPM Investment Program Management, Inc. for many years and Linn has been the front man. David Bamford is an IPM investor living in Spain with whom Linn has corresponded on his losses. The Hong Kong SFC has posted the following public warning, which is now also posted on other Financial Services Authorities’ web sites around the world:
IPM has recently been advertised in the Straits Times (Singapore) and been condemned by a local pundit. Please see our web site and Grace Cheng’s comments under Leonard Berney and IPM.
Several years ago the Irish Financial Services Regulatory Authority issued a public warning about IPM after it illegally claimed domicile in Dublin – a criminal offence.
Do you really believe that your client enjoys a reputation capable of being damaged?
CNMV/Comisión Nacional del Mercado de Valores: http://www.cnmv.es/index_n.htm?/advertencias/Advertencias.asp~/vacio.html http://www.cnmv.es/inversores/eng/index.htm
Belize International Financial Services Commission: http://www.ifsc.gov.bz/notices.html
Finansinspektionen: http://www.fi.se/ and http://www.fi.se/Templates/Page____6844.aspx
On the CNMV web site Andrew Linn’s name and address still appear in the public warning against Sensible Options.
Google searches against Charterhouse Trust Credit Union, Leonard Berney and IPM Investment Program Management, Inc. will reveal a wealth of information
Costa del Sol Action Group