Fraudulent investments?

SeaPrince1

Hi, where do the Trustees stand in all of this? I contacted Jade State Wealth but they didn't want to talk about Munio (said they no longer had dealings with them) and wouldn't let me speak to the the Trustee. They did give me an email address of a guy at Munio but he hasn't replied.

SeaPrince1

Hi, this has been the same guy the whole way through. I have only ever dealt with him.

SeaPrince1

Thanks dunstonh.
I'm in Northern Ireland and was wondering how I would go about contacting any other Munio investors.
Any ideas??

Malthusian

SeaPrince1 wrote: »

Hi, where do the Trustees stand in all of this?

If you mean the Security Trustee, that was Jade State Wealth.

They're a payment processor. (Check their entry on the FCA register.) Their job is to move money from A to B. That's it.

There is no longer any money to move so they are done here.

The idea that they had some sort of power to recover investors' money if Munio went bust is another lie.

I apologise sincerely for bringing up the recovery process for people who had been advised by FCA regulated advisers if it gave you false hope. I took your statement that you had been advised by an IFA at face value.

You will need to write off your investment. Anyone who contacts you claiming they can recover it is likely to be another scammer.

Reed_Richards

Malthusian wrote: »

You will need to write off your investment.

I don't want to raise false hopes or suggest a means of throwing good money after bad but might it not be possible to sue the person who sold you the investment? This would be on the basis that he passed himself off as an IFA when that was no longer true.

Malthusian

Reed_Richards wrote: »

I don't want to raise false hopes or suggest a means of throwing good money after bad but might it not be possible to sue the person who sold you the investment?

Yes.

The question is whether they will have enough money within the reach of UK courts to compensate SeaPrince and all the other people they scammed who also sue, and pay their legal costs.

SeaPrince1 wrote:

He has a limited company with a home and a city centre office.

What is the name of the limited company?

Voyager2002

Reed_Richards wrote: »

I don't want to raise false hopes or suggest a means of throwing good money after bad but might it not be possible to sue the person who sold you the investment? This would be on the basis that he passed himself off as an IFA when that was no longer true.

Is this not a criminal matter?

SeaPrince1

Hi Malthusian, thanks for your reply.
My understanding was that the Trustee had a supervisory role because when the change was made to the coupon rate etc. in July 2017, they claimed in their letter to have been consulted about, and agreed to, the changes.

Malthusian

Payment processors do not get to decide on behalf of creditors whether to accept a haircut. (I assume the "change" was of the downwards variety.)

In theory the default of Munio means that the Security Trustee takes control over the assets of Munio Capital Limited. However, the voluntary winding up of Munio strongly suggests that there are no assets to take control over.

Moreoever, if there were any assets to recover, this is a job for a qualified insolvency practitioner, not some payment processor. Whose interests do Jade State Wealth represent, bearing in mind they were appointed by the directors of Munio? How many ICAEW-qualified insolvency practitioners do they have on their payroll?

You didn't say what the name of the limited company was. You have nothing to lose and it will clear up once and for all whether there is any FCA oversight.

SeaPrince1

Hi Malthusian, the coupon rate change was upwards from 9.85% to 12.85%. But I understood that AccountingWorx were the people who processed the money and that the Security Trustee had a different function from them.