Dodgy Pension Trustee

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  • Taurus are part of this company, seriously people its got everything. A bit of money laundering and a bit of PONZI!

    Two pension liberation schemes, which extracted £18m from retirement funds, have been taken to the High Court after intervention by The Pensions Regulator (TPR).
    Dalriada Trustees, an independent trustee firm appointed by TPR, has launched a High Court action against three investment companies and two former trustees in a bid to recover £18m of assets.
    The firm took control of two pension schemes - the Pennines and Mendip schemes - from the former trustees, John Laurence Woodward and Jennifer Doris Ilett on March 28.
    Dalriada alleges the trustees used the pension schemes as a vehicle to facilitate loans to members through a series of seemingly unconnected investment firms, Hedge Capital Investments Limited (HCIL), Hedge Capital Investment Group PLC (HCIG) and Hedge Capital Limited (HCL).
    The defendants' lawyers had originally argued for a summary dismissal because the schemes were defined contribution in nature - which meant individual members could pursue a case but the trustee firm could not.
    However, the Chancellor of the High Court dismissed the motion in June, saying Dalriada had "real prospects of success" and paving the way for a High Court battle.
    Shortly after being appointed, Dalriada was granted a freezing order of £12m over assets held by Woodward, Ilett and the three investment companies.
    According to court documents, Dalriada claims that between October 2011 and 28 March 2012, 476 individuals transferred approximately £19m from other occupational pension schemes to the trustees of the Pennines and Mendip pension schemes - with £18m then paid out to the three Hedge Capital investment companies.
    The documents allege Woodward, the sole shareholder and controlling director of HCL, and John Davies - the majority shareholder and controlling director of HCIG and director of its wholly owned subsidiary HCIL - established the schemes as part of "a plan for pensions liberation" through HCIL, HCIG and HCL.
    It claims the money was used to purchase 18 million preference shares in Hedge Capital Investment Group - with £6.5m then lent back to members from another of the investment firms.
    Dalriada's lawyers argued the investments in HCIG were made in breach of trust and should be "void".
    The independent trustee firm also alleges the money was invested in 58 plots of land in Brazil used to grow teak trees, 1,000 acres of farm land in Florida and shares in Street of Dreams Ltd for investment in a musical production.
    The claims are vigorously denied by both the previous trustees and the three investment companies; HCIL, HCIG and HCL.
    A spokesman at The Pensions Regulator commented on the launch of the legal action. He said: "We welcome the Court's decision to dismiss the summary judgement application. The appointed independent trustee, Dalriada Trustees, has written to members informing them of the outcome. Proceedings are ongoing."
  • Davnik
    Davnik Posts: 104
    First Post First Anniversary Combo Breaker
    Forumite
    I an not happy with some people suggesting it is our own fault. I had independent advice from http://www.totalwealthsolutions.co.uk/about-us/our-people/ who are regulated by the FCA.
    When the pension was transferred there was no mention of the wretched Mark Harris and AC Management. I had no idea that this person would become my trustee, nor that he would be untrustworthy.
    Surely by now the net is closing in on him at last?
  • Davnik
    Davnik Posts: 104
    First Post First Anniversary Combo Breaker
    Forumite
    According to Companies House, the correct address to serve notice on Harris is

    4 Aleaxandra Road
    Gorseinon
    Swansea
    SA4 4NW.

    If you send a first class letter to him there and get proof of posting (free from the Post Office) a court will normally deem it to have been received two working days later.

    According to Companies House, he is also a solicitor - see here. So you might wish to draw his conduct to the attention of the Solicitors Regulation Authority.

    However, I suspect you will never see your money again as the Pensions Ombudsman has ruled against his firm and he never responded.

    Personally, I think your next port of call probably needs to be ActionFraud, I'm afraid. This is hardly a surprise as he Swansea has gained itself a reputation for fraud.


    Afraid all this is old news. Also I have already contacted Action Fraud and the SRA many months ago, both of whom have thus far been useless.
  • Davnik
    Davnik Posts: 104
    First Post First Anniversary Combo Breaker
    Forumite
    Taurus are part of this company, seriously people its got everything. A bit of money laundering and a bit of PONZI!

    Two pension liberation schemes, which extracted £18m from retirement funds, have been taken to the High Court after intervention by The Pensions Regulator (TPR).
    Dalriada Trustees, an independent trustee firm appointed by TPR, has launched a High Court action against three investment companies and two former trustees in a bid to recover £18m of assets.
    The firm took control of two pension schemes - the Pennines and Mendip schemes - from the former trustees, John Laurence Woodward and Jennifer Doris Ilett on March 28.
    Dalriada alleges the trustees used the pension schemes as a vehicle to facilitate loans to members through a series of seemingly unconnected investment firms, Hedge Capital Investments Limited (HCIL), Hedge Capital Investment Group PLC (HCIG) and Hedge Capital Limited (HCL).
    The defendants' lawyers had originally argued for a summary dismissal because the schemes were defined contribution in nature - which meant individual members could pursue a case but the trustee firm could not.
    However, the Chancellor of the High Court dismissed the motion in June, saying Dalriada had "real prospects of success" and paving the way for a High Court battle.
    Shortly after being appointed, Dalriada was granted a freezing order of £12m over assets held by Woodward, Ilett and the three investment companies.
    According to court documents, Dalriada claims that between October 2011 and 28 March 2012, 476 individuals transferred approximately £19m from other occupational pension schemes to the trustees of the Pennines and Mendip pension schemes - with £18m then paid out to the three Hedge Capital investment companies.
    The documents allege Woodward, the sole shareholder and controlling director of HCL, and John Davies - the majority shareholder and controlling director of HCIG and director of its wholly owned subsidiary HCIL - established the schemes as part of "a plan for pensions liberation" through HCIL, HCIG and HCL.
    It claims the money was used to purchase 18 million preference shares in Hedge Capital Investment Group - with £6.5m then lent back to members from another of the investment firms.
    Dalriada's lawyers argued the investments in HCIG were made in breach of trust and should be "void".
    The independent trustee firm also alleges the money was invested in 58 plots of land in Brazil used to grow teak trees, 1,000 acres of farm land in Florida and shares in Street of Dreams Ltd for investment in a musical production.
    The claims are vigorously denied by both the previous trustees and the three investment companies; HCIL, HCIG and HCL.
    A spokesman at The Pensions Regulator commented on the launch of the legal action. He said: "We welcome the Court's decision to dismiss the summary judgement application. The appointed independent trustee, Dalriada Trustees, has written to members informing them of the outcome. Proceedings are ongoing."


    So where are: Mark Harris / AC Management, Green Footprint / Taurus Business Solutions (Andrew Moon) and Ecoquest (Robert Boot) in all this?
    I see no mention of these people I have been dealing with.
  • trina2010
    trina2010 Posts: 487 Forumite
    I think if youve had financial advice from an FCA regulated source you need to be taking it up with them for advising you to invest your money with a pension liberation company. perhaps the IFA getting a kickback from them??

    Straight from green footprints own website

    This is not a regulated investment for the purpose of the UK FSMA (2000) and as such buyers have no access to statutory or regulatory protections including the Financial Ombudsman Service and the Financial Services Compensation Scheme.

    The product on offer is not an offer to participate in a collective investment scheme as defined in the Financial Services and Markets Act 2000 (section 235) and as such buyers have no access to statutory or regulatory protections including the Financial Ombudsman Service and the Financial Services Compensation Scheme.

    clearly stating they're unregulated, if you think its not your fault then its certainly a massive problem for the IFA who sold you an unregulated investment as being good advice

    Household 2 adults, 2 cats and baby boy (2.11.13)
    Married my wonderful husband on 2nd June 2012
    June GC: 0/300
  • Davnik wrote: »
    Taurus Business Consulting Ltd (Green Footprint) have continued to keep in touch with me and have informed me that they are summoning Mr Harris to a meeting where they will put my concerns to him. They assure me they will continue to keep me informed. Also they regret it has got to this stage.[/D
    Dear Davnik,
    I have just seen all the blood, sweat and tears you have shed for the Pension scamming involved!
    Iam so sorry you had to go through this!!!!!
    Iam in a similar position and my hip is very painful at the moment due to an injury, hence being unable to help you and myself and all others with pursuing this case.
    How do I get in touch with Rogue Traders?
    ThankU so very much for being You, thankyouxxx
  • For those of you interested, this has popped up today and I am pretty sure it's not because his return is late!!

    Back in September 2014 you requested that we monitor AC MANAGEMENT AND ADMINISTRATION LIMITED for any important changes.
    The following changes have just been detected:
    03 Sep 2015
    New Company Document Available
    Form: GAZ1 - First notification of strike-off action in London Gazette (Section 1000)
    FIRST GAZETTE

    All involved need to apply to have the striking off procedure suspended before all monies disappear into Harris's, Moon's and Davis' pockets
  • How do you suspend this stoking off?
  • It depends if this a voluntary dissolution by the company or if Companies House taken the action as a result of non compliance, i.e not submitting an Annual Return in the due time?

    I have spoken to Harris about this, he says his accountant is looking into it, these are his exact words, via email:-

    "Just to explain, AC Management and Administration as a company has nothing to do with your transfer. The company has not actively traded for quite some time."

    So where the hell is my money then?????????????

    Harris can't voluntarily dissolve the company if they have outstanding debtors or creditors or are holding client funds. On application to dissolve a company, an ad is placed in the London Gazette asking if there any reasons why the dissolution should not take place.

    Send an email to Companies House (give them a call and they will give you the email address) requesting suspension of the dissolution due to your outstanding debt (attach a copy for proof). If you go to Companies House web site you can opt to pay for alerts to be sent to you (costs about a £1), so you can keep track of actions the company may try to take.
  • MrUnhappy
    MrUnhappy Posts: 39
    First Anniversary Combo Breaker First Post
    Forumite
    edited 15 January 2016 at 5:23AM
    It would now appear that Alexandra Chambers Ltd, part of the same company as AC Management etc has now gone, ceased trading.
    Harris still stringing people along, now nearly a year to transfer my funds away from this dodgy character with (text removed by MSE Forum Team) in the background, pleading his innocence and trying to get things moving, a bit like "good cop, bad cop" to me.
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