Investment In Litigation Funding ?

Malthusian

cd27idw wrote: »

Box Legal are only the brokers, they have no liability for anything.

Not according to the inverted pyramid of piffle. According to what purported to be an excerpt from a T&C document, if [STRIKE]Mr Corrugated Iron Shack[/STRIKE] Leeward Insurance of Bermuda failed to pay any valid claims, Box Legal was supposed to pay out instead on the basis of negligent advice. This was the bedrock for the claim that this whole bag of spanners was 100% safe and FSCS-protected.

However, this is also not a straw to grasp at because Box Legal's illegal credit default swap didn't say anything about what happens if Allansons gets shut down.

cd27idw

My main concern just now is that we don't know what's happened to the fund, or what's left of it. I posted earlier that another party had taken it over (NOT Gordons, they're merely babysitting what constituted Allansons business). I never considered the funds to be "client's funds", they're effectively a business asset. Ultimate ownership is perhaps debatable, whether or not investors have first call on what's left, or if it's pooled with all other assets (company's not bankrupt, but the SRA has taken ownership of all effects and affairs) The lack of information is a pain.

MEM62

5MeoDmt wrote: »

The returns look really good (£6000 return for a £4000 investment within 18 months)

That's how you are lured into a scam. They are relying on your common sense to be blinded by greed.

5MeoDmt wrote: »

I'm concerned there will be some hidden risks

Of course there are hidden risks, the risks in all scams are hidden up to the point you realise your money is gone.

cd27idw

Spoke again to the "introducer", and the fund has indeed been taken over by a third party; one week in, and it's still a bit early for them to contact investors, but "introducers" have been formally notified.

Jonnym33

Seems like a lot of us unhappy with how this is playing out for investors. Myself and a few others have joined together with our legal team to try and find some answers. Happy for others to jump on board, no cost just want more to join together so the full scale of this is brought out. feel free to drop me a message for more info.

dealer_wins

Well that turned out exactly as predicted in the first few posts! Another lesson in "if it looks too good to be true"

Jonnym33

Yes, it’s dissapointing, but the best thing to do now is try and make sure whoever’s behind it gets caught up with. Needs a look at what happened.

Jonnym33

Thanks to everyone who got in touch. We have a significant group of investors together now. We should now be able to move forward and find out exactly what mr Allanson et al have been up to with our money.

AnotherJoe

Perhaps you could litigate using whats left of the fund to recover the funds ... oh, wait

Kymberley

Having invested £12k with Allansons I was advised to complete the SRA compensation claim form. However I have received a reply to the effect that this type of financial loss is not covered by the scheme. There is a suggestion to contact the Financial Ombudsman.
I have expressed my interest in joining with others on this forum to try to find the best way forward to recover our losses, but not had any contact in reply. Probably as being new to this forum I’ve not worked out how things operate.