Fraudulent investments?

in Savings & Investments
114 replies 19.4K views
145791012

Replies

  • No I did not meet any body from Munio,I invested after I did my assessment . According to the letter I have on file dated 13 Jan 2017,it says -RE:Munio limited bond allotment-
    We settled an allotment today and issued your bond .Your placing price has now been paid to the company.
    This letter was sent from Accounting WORX.
    The money transfer slip---payee name---Munio Capital Ltd .and the APPLICANT'S PROPOSED SUBSCRIPTION SLIP shows this statement--I will transfer the total amount into "AccountingWorx re: Munio Capital GBP"This slip also gives all the bank details.
  • No I did not meet any body from Munio,I invested after I did my assessment . According to the letter I have on file dated 13 Jan 2017,it says -RE:Munio limited bond allotment-
    We settled an allotment today and issued your bond .Your placing price has now been paid to the company.
    This letter was sent from Accounting WORX.
    The money transfer slip---payee name---Munio Capital Ltd .and the APPLICANT'S PROPOSED SUBSCRIPTION SLIP shows this statement--I will transfer the total amount into "AccountingWorx re: Munio Capital GBP"This slip also gives all the bank details.

    So what did Munio do with your money?
    Which companies did they invest in?

    Is it possbile that you own the end investments? ie the companies / shares Munio invested in?
    Have you tried to contact the directors of Munio?
    Selling off the UK's gold reserves at USD 276 per ounce was a really good idea, which I will not citicise in any way.
  • In reply to Computer B questions
    1-it was supposed to be invested in MUNIO ,according to the memorandum and invested into the peer to peer industry in the USA.
    2- No idea
    3-There was no mention of that in the memorandum.
    4- If you look at page 3 on this site you will see I have been unable to contact Munio at all. It was not untill I had a letter from Munio dated 28-3-18 that PRIVILEGE WEALTH was ever mentioned.
  • ReaperReaper Forumite
    7.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
    Forumite
    Munio seem to have scrubbed all mention of themselves from the web, but as I understand it the answers to those questions are:
    1 and 2 - Munio seem to have invested all the money in Privilege Wealth who in turn were meant to invest in US Peer to Peer, but went bust. There are allegations of fraud relating to Privilege Wealth but I don't think anything has been proven.
    3 - No. Your are a creditor in a long line of creditors, and unlikely to see any return in my opinion.
    4 - As above, Munio have gone from the web and are not contactable, unless you want to try knocking on the doors of their directors:
    https://beta.companieshouse.gov.uk/company/09696045/officers
  • Hello Reaper,
    I would appreciate your assessment of this mess and your estimate of the creditors involved
  • edited 29 August 2018 at 1:52PM
    ReaperReaper Forumite
    7.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
    Forumite
    edited 29 August 2018 at 1:52PM
    Hello Reaper,
    I would appreciate your assessment of this mess and your estimate of the creditors involved
    I have no special insight but it's worth reading this page for a summary of why I don't think you will get your money back:
    https://bondreview.co.uk/2018/04/23/privilege-wealth-possibly-a-ponzi-scheme-say-administrators/

    To pick out a few points:
    "Privilege Wealth invested investors’ money in a Panamanian pay day loan company run by a man wanted by Interpol (who was later shot), as well as other pay day loan books run by Rosebud Lending, a Sioux Indian sovereign nation lender, and a company called The Oliphaunt Group. None of these investments paid a return."

    They promised a 9.85% return but instead enriched themselves by spending $550,000 a month on "rent and payroll".

    Even the administrator say "the Privilege group was possibly operated as a Ponzi scheme"

    The administrators have filed nothing with Companies House since March but at that time they had only got their hands on a tiny amount of actual cash. Remember too the administrator's hefty fees have to come out of that plus Helix are trying to argue they should get preference being repaid ahead of other creditors.

    So I very much doubt Munio (who you invested through) will get any money back. Since they have shut up shop I doubt they are even trying.

    In summary I don't think Privilege Wealth will be paying any meaningful amount back to their creditors. You could attempt to sue Munio but it seems pointless to me because
    1) They haven't done anything fraudulent. They just made a bad investment choice doubtless influenced by a big slice of commission.
    2) They probably have no assets of their own.

    Sorry to be so negative. I tried to think of something positive to say to take the edge off all the above but I came up empty.
  • M.ElliottM.Elliott Forumite
    27 Posts
    Third Anniversary
    Forumite
    Reaper, how do we know munio definitely invested the money into privilege wealth though? In the breakdown in the administrators report of where all of privilege wealths funds came from munio is not mentioned? Could it be munio took the money and ran without investing it? Also why have munio not been in touch with any of their investors to tell them what's happening and why would they have made it impossible to contact them if it was all above board, why not just be honest with the people who gave them money? Im not saying for sure they are involved but there are too many unanswered questions.
  • edited 29 August 2018 at 10:19AM
    MalthusianMalthusian Forumite
    9.8K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    edited 29 August 2018 at 10:19AM
    M.Elliott wrote: »
    Reaper, how do we know munio definitely invested the money into privilege wealth though? In the breakdown in the administrators report of where all of privilege wealths funds came from munio is not mentioned?

    One possibility is that Munio invested into Privilege One Wealth LLP, which in turn invested in Privilege Wealth plc. Privilege One Wealth LLP is Privilege Wealth plc's largest creditor and most investors seem to have invested into that company, rather than Privilege Wealth plc directly. Helix, on the other hand, invested directly into Privilege Wealth plc.

    Privilege One Wealth LLP is a Gibraltarian company and as far as I know, its creditors aren't publicly available - unlike Privilege Wealth plc, whose creditors have been made public via the administrator's report. So we have no way of finding out whether Munio is a creditor of Privilege One Wealth LLP or not.
    Could it be munio took the money and ran without investing it?
    Also a possibility.
    Also why have munio not been in touch with any of their investors to tell them what's happening
    Why would they? The scheme's collapsed, the money's gone. There's probably nothing useful that can be done even if they wanted to. They've got more important things to do, like swanning off to Dubai and planning their next unregulated investment scheme.
  • M.ElliottM.Elliott Forumite
    27 Posts
    Third Anniversary
    Forumite
    Very interesting Malthusian, never would have thought of that possibility but you could be spot on. So I'm being naive here but can anyone really set up a business, take people's money, invest it in high risk places and then if it all goes belly up just walk away without any explanation to anyone or any fall back? Seems ridiculous. Hope this thread highlights risks to people who might not have known otherwise and prevents other people from losing out and also makes people question what their financial advisor is doing with their money and is it right for them ��
  • Voyager2002Voyager2002 Forumite
    14.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    M.Elliott wrote: »
    ... and also makes people question what their financial advisor is doing with their money and is it right for them ��

    A genuine financial advisor is regulated, so that recommending a scheme like this would be unprofessional and compensation is available.
This discussion has been closed.
Latest MSE News and Guides

Gin, gee-gees & groceries

This week's MSE Forum highlights

Team Blog

2for1 adult tickets to theme parks

Via selected £1-£3 Kellogg's promo packs

MSE Deals