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4% - 6% P.C.M. Currency Plan

spikeyman
Posts: 33 Forumite
I received what I can only describe as an 'intriguing' email offering an FSA backed (therefore capital safe) investment giving up to 80% ROI which is obviously unheard of in these times. As I'm an understandably quite cynical investor especially in these times I want to pick brains if I may.
I guess someone out there has received this same email (or similar) and looked into it. If so, what is your view. It's apparently endorsed by Parfait and Huggins and seems at first sight legit and to my mind sort of makes sense. Point is, I've somehow got a bit of capital to invest and am getting nothing through savings and I've not come across anything of this ilk that has the security of being FSA backed. Therefore any views greatly appreciated.
Dear BLAH BLAH
Here`s something new for 2009 which you are going to doubt Bigtime, but if Peter Parfait can publish it and Scott Huggins can endorse it and its FSA approved, who am to keep it from you.
Read it very closely, draw your own conclusions but I would advise you NOT to delete this but follow it through and contact Brian Curtis or me. Come back to me if you are an agent, as this, no doubt will be wildfire this year.
I guess someone out there has received this same email (or similar) and looked into it. If so, what is your view. It's apparently endorsed by Parfait and Huggins and seems at first sight legit and to my mind sort of makes sense. Point is, I've somehow got a bit of capital to invest and am getting nothing through savings and I've not come across anything of this ilk that has the security of being FSA backed. Therefore any views greatly appreciated.
Dear BLAH BLAH
Here`s something new for 2009 which you are going to doubt Bigtime, but if Peter Parfait can publish it and Scott Huggins can endorse it and its FSA approved, who am to keep it from you.
Read it very closely, draw your own conclusions but I would advise you NOT to delete this but follow it through and contact Brian Curtis or me. Come back to me if you are an agent, as this, no doubt will be wildfire this year.
Makes the world go around eh...
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Comments
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Considering they can't spell it sounds like spam.0
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Why don't you invest in it, and come back in 12 months and tell us how it went ??'In nature, there are neither rewards nor punishments - there are Consequences.'0
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I received what I can only describe as an 'intriguing' email offering an FSA backed (therefore capital safe)[...] I've somehow got a bit of capital to invest and am getting nothing through savings and I've not come across anything of this ilk that has the security of being FSA backed. Therefore any views greatly appreciated.
Two things; firstly, there's no such thing as " FSA backed ". It is possible that the issuer of whatever is being sold here is FSA registered, which is a different thing. Secondly, even FSA approval doesn't guarantee your capital.
In any case, I would be very wary of people you don't know offering you investment opportunities via e-mail.
ETA - just saw the 4 - 6% pcm - even Madoff only boasted 1 - 1.5%!0 -
If anyone wants to take a chance on this PM me and I will forward the brochure I have received which is from UK accountants. Myself I am very very sceptical that this will work so I will not be testing it out sorry.
Sample below
Risk and ReturnOver the last 36 months, the fund has
produced an average monthly return of
between 4-6%.
As stated on other investments, this is
not an indication of future performance
however we do not foresee any
significant variation.
Should the return to clients go below
4%, we will forego any commissions due
to us in order to increase the client
return. This demonstrates our
commitment to you. It also proves to
you that any commissions earned will be
on a performance related basis and not
just taken from your funds.
As with other investments, the value of
our exposure to the markets is hedged.
Our fund managers hedge all
transactions to 95%. Our bank is happy
to release funds to us on that basis
which again protects the designated
deposit accounts.
With the hedge being 95%, there is an
exposure to risk which means that 5% of
funds deposited with us could be lost.
We have to advise that this is highly
unlikely given the structure of the fund
and past performance however we are
obliged to inform you of all risks
associated with the fund.SummaryThe currency plan provides anfrom your introducer as to the suitability
opportunity to obtain a good rate of
return for any term of deposit with a
reasonable degree of risk.
Naturally, advice should be obtained
Makes the world go around eh...0 -
Everybody should applaud themselves for not getting dragged in on this, investors are facing losing all their hard earned money. The FSA has shut it down, it wasn't FSA approved, they didn't have 3 years historical data on returns (it was only launched last year)
One poor guy introduced to it by The Property Association put in £600,000 !!
Comments from the singingpig.co.uk forum -
"I have also been scamed by this. I invested on the recommendation of Austen Sawyer of the Property Association. I am absoultly raging with both Mr Sawyer and Mr Upton and feel that if 100% of funds are not returened we should collectively go for action against both.
Has anyone heard from Mr Sawyer?
Both these organisations should be closed ASAP!!!
I wouldn't hold out any hope of that I'm afraid. Mr Sawyer and Co have a history of dodgy business practises and ofcourse coupled with that, a history of avoiding the consequences. These people need to be brought to justice as quickly as possible. People have invested hard earnt money into this scam and it's people like the Sawyers who are sitting back and enjoying the profit from this."
Which company did the spam e-mail advertising it come from, I think the FSA may be interested.
Comment from propertyinvestmentproject.co.uk -
"Mark Sawyer and his company must be starting to feel the heat. He claimed to be a victim of ‘the currency Plan’ like all of his clients but since the FSA got involved and his association with Darren Upton has been revealed he is responding with some venom.
I was induced by Mark Sawyer’s company to invest in the currency plan. I am waiting for the FSA to give their decision before I embark etc"
This is another UK version of Mr Madoff by the look of things.0 -
This is another UK version of Mr Madoff by the look of things.
Here's another one that's just been wrapped-up:
Reality lessons for Ponzi victims
http://news.bbc.co.uk/1/hi/business/8159174.stm
Police believe a gang of men ran a fraudulent and unregulated investment scheme offering returns of between 6% and 13% a month for up to four years.
Clients were told the money was loaned to distressed companies who needed short-term cash and were willing to pay for it.0 -
FSA fines and bans directors for mismanaging investment scheme
Lee Jones - 21-Jul-2009
The FSA has banned and fined the directors of a Yorkshire-based adviser firm for running an investment scheme which put 53 customers at risk of losing nearly £10m.
In a statement released today, the FSA says Neil Marlow, and his son Timothy, of the Bridford Group from Skipton in North Yorkshire, were approached by ‘businessmen’ with an investment scheme that they chose to promote to clients and other IFAs. The FSA says the Marlows did not properly consider whether the scheme could work or investigate whom they were dealing with.
The scheme promised a guaranteed return of at least 6 per cent, but to deliever that the FSA says the Marlows made a series of unauthorised transfers of investors’ funds in an attempt to generate the returns on the investment that customers had been promised.
The regulator has fined Neil Marlow £38,383 and fined Timothy Marlow £31,838. Both have been banned from holding any significant management influence functions.
It has also fined City Gate, a Glasgow-based group, £42,000 for approving promotions for the scheme to its ARs. The FSA says the group's systems and controls for reviewing financial promotions were "simplistic, informal and applied inconsistently". It told the FSA that it trusted Neil Marlow and saw no reason to question the scheme.0 -
Sadly I was conned of £10 000 in this scam on the recommendation of Property Investment Deals, who are no better, before I found this site.
The FSA have sent a letter, dated 21st Jan, congratulating themselves on proposing 89% recovery over 7 years!! No interest, no compensation. I am furious that I am being fobbed off in this way.
I am writing back saying this is totally unacceptable and I am also writing to Upton asking them to show some integrity and professionalism and pay the full amount. My wife and I will demonstrate outside their offices if I dont get 100% returned.
If any other victoms want to share letters and thoughts please mail me rycort@live.co.uk.0 -
Upton_Accountants_Vistim wrote: »The FSA have sent a letter, dated 21st Jan, congratulating themselves on proposing 89% recovery over 7 years!! No interest, no compensation. I am furious that I am being fobbed off in this way.
Upton & Co Accountants Ltd were trading illegally without FSA authorisation, therefore the companies that fund the FSCS have no liability whatsoever to pay up, nor should they.
While it is always sad to hear of people being scammed the FSA acted properly to close down the investment and has recovered a surprisingly high proportion of the funds to pay back back. Compare this to the Cameron Farely thread where the investors in a similarly unregulated company (also trading in currency) are getting back just 5%!
On this occasion you should consider yourself extremely lucky to lose such a small proportion of your investment. In future always check the firms you are investing with are regulated by the FSA, which you can do very easily on their web site.
EDIT: On re-reading your post I think despite the quote above you are looking for the accountants not the FSCS to refund you. That is more reasonable but I spectulate the slow payback time is because the accountants need time to earn the money to pay you back. 100% may not be realistic and if you try you could end up with less if they give up and close down instead. But I'm speculating - you are in possession of more information than me.0 -
I was conned of £10 000 in this scamI am writing back saying this is totally unacceptable
My house was burgled after I went on holiday leaving the front door open. The insurance company refused to compensate me.
I am writing back saying this is totally unacceptable.
Sorry this sounds harsh, but if you leave the front door open (or fail to check out someone who offers you a too-good-to-be-true investment) why should more careful householders pay increased premiums to compensate you?0
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