Can you get money back from an Investment?
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The_Real_Dean
Posts: 17 Forumite
Hello all,
Back in July I invested in a nightclub opening in London. The transaction was finalised, my shares certificate was posted. Everything looks legit, 45,000 likes on their facebook page etc.
The club was scheduled to open in August. It is now obviously October and there has been nothing sent to investors about why the club hasnt opened, no updates whatsoever and no new scheduled date. Even their popular social media profiles on facebook and twitter have had no new posts for over six months.
I've emailed numerous times only one of which i've had a reply to say that she was on annual leave until the following Monday. It is now a week on from then and after two more emails i've sent i've still heard absolutely nothing.
It's very frustrating, these people have taken my money, not responded to any emails, not updated investors with progress or explained the lack of progress. I'm wondering if there is anything I can do to get my money back. Maybe a threat to contact the FCA might get me it back?
Anyone got any advice on how to deal with this and what, if anything, i can do? I'd rather just have my money returned at this point.
Back in July I invested in a nightclub opening in London. The transaction was finalised, my shares certificate was posted. Everything looks legit, 45,000 likes on their facebook page etc.
The club was scheduled to open in August. It is now obviously October and there has been nothing sent to investors about why the club hasnt opened, no updates whatsoever and no new scheduled date. Even their popular social media profiles on facebook and twitter have had no new posts for over six months.
I've emailed numerous times only one of which i've had a reply to say that she was on annual leave until the following Monday. It is now a week on from then and after two more emails i've sent i've still heard absolutely nothing.
It's very frustrating, these people have taken my money, not responded to any emails, not updated investors with progress or explained the lack of progress. I'm wondering if there is anything I can do to get my money back. Maybe a threat to contact the FCA might get me it back?
Anyone got any advice on how to deal with this and what, if anything, i can do? I'd rather just have my money returned at this point.
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Comments
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Was the investment with Aquila London Events?"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2021 - #027 £15,268 (76%)0 -
The_Real_Dean wrote: »It's very frustrating, these people have taken my money, not responded to any emails, not updated investors with progress or explained the lack of progress. I'm wondering if there is anything I can do to get my money back. Maybe a threat to contact the FCA might get me it back?
Anyone got any advice on how to deal with this and what, if anything, i can do? I'd rather just have my money returned at this point.
Are you sure it was FCA regulated? It certainly doesn't sound like the sort of investment that would be covered. Unfortunately other than legal action there is probably little if anything you can do.
What were you actually promised? If you bought shares and have the certificate then you have the investment. You could sell the shares if you can find someone to buy them but if they're not traded that will be difficult.Remember the saying: if it looks too good to be true it almost certainly is.0 -
The transaction was finalised, my shares certificate was posted. Everything looks legit, 45,000 likes on their facebook page etc.
You dont measure legitimacy by facebook likes.Maybe a threat to contact the FCA might get me it back?
For the FCA to be involved, they would need to be regulated by the FCA. The FCA do not regulate nightclubs or shareholdings in companies.
Give us some detail on the company.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
george4064 wrote: »Was the investment with Aquila London Events?
It was, yes. Do you have any information on them?You dont measure legitimacy by facebook likes.
Uh, thanks for that. I'd say a long running popular social media presence with constant photos of the most recent nights out and updates is, to some extent, an indicator of legitimacy.0 -
The_Real_Dean wrote: »Uh, thanks for that. I'd say a long running popular social media presence with constant photos of the most recent nights out and updates is, to some extent, an indicator of legitimacy.
And that's why you're desperately searching the internet for a way to get the money back from your "unregulated investment"...
I hope it turns out not to be a scam but I think you would be wise to consider the money gone.0 -
The_Real_Dean wrote: »Uh, thanks for that. I'd say a long running popular social media presence with constant photos of the most recent nights out and updates is, to some extent, an indicator of legitimacy.
Nope. But it's a very good way to draw people in that would think so.0 -
Nope. But it's a very good way to draw people in that would think so.Remember the saying: if it looks too good to be true it almost certainly is.0
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I just checked and Fidelity only have 5000 likes on their Facebook page. Does that mean despite them being a regulated company and one of the largest worldwide they're 90% less legitimate than this unregulated outfit that have to disappeared with cash?
Thanks for straw-manning my post. I appreciate it, truly.
So as to my original post, is there anything i can do?0 -
The_Real_Dean wrote: »Thanks for straw-manning my post. I appreciate it, truly.
So as to my original post, is there anything i can do?
What does the documentation say? What does the share certificate say? What did you respond to and is that advert still available? How much was each share and what proportion of the company do you own? Was anything offered as a prospectus etc?
Until you know what you have bought it's hard to know if you can get money back. Shares in an untraded, unregulated investment are by definition illiquid as you cannot just sell them on the stock market and need to find a buyer.Remember the saying: if it looks too good to be true it almost certainly is.0
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