SVS Securities - shut down?

Nbs222

As Michael_Reynolds  pointed out ,  it is the lack of communications from ITI that is making everyone angry , worried , depressed.  Why can't ITI / LC   make statement on Transfers , how are they progressing , how long will it take  and how many transfers  they have completed, If it is quicker they can transfer the cash element of ISA first , followed by UK registered stocks and then international stocks.

rnf11

Mergers & Antitrust Law News

DaVinci Capital Unit Accused of Looting Private Plane Company

March 2, 2020, 10:09 PM

• COURT: Del. Ch.
• TRACK DOCKET: No. 2020-0150 (Bloomberg Law Subscription)
• COMPANY INFO: ITI Group Ltd. (Bloomberg Law Subscription)

ITI Group Ltd., an investment brokerage run by private equity firm DaVinci Capital Partners, was hit with a Delaware lawsuit Monday claiming its affiliates took control of Turkey-based private plane leasing company Hudson Aviation Inc. and stripped it for parts.

“Defendants are looting Hudson Aviation,” the suit says, “and hiding the proceeds beyond the borders of the United States. Without prompt intervention by the court, Hudson Aviation will shortly be reduced to an assetless, debt-ridden corporate shell.”

The derivative complaint also targets Hudson directors Umut Utkan and Dennis Fulling. It was filed in the Chancery Court by Faith Akol and...

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Mike Leonard

L

rnf11

Not exactly current, but....

Dennis Fulling Political Contributions in 2016

Name & Location	Employer/Occupation	Dollar Amount	Date	Primary/ General	Contibuted To
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$25	12/08/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	10/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	09/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	08/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	07/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	06/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	05/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	04/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	03/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	02/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	01/11/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$50	01/06/2016	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	12/11/2015	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	11/11/2015	P	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	10/28/2015	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	09/11/2015	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	08/11/2015	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	07/11/2015	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Self-Employed/Finance	$1,000	07/02/2015	P	JEB 2016, INC. - Republican
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	06/11/2015	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat
FULLING, DENNIS ROXBURY, CT 06783	Da Vinci Capital/Partner	$250	05/11/2015	G	DNC SERVICES CORP./DEM. NAT'L COMMITTEE - Democrat

pbcinlondon

Thanks to Trustpilot this forum came to light. Another ex SVS client wondering how and why this disaster is continuing to unfold. What have the JSA, Leonard Curtis, done to SVS clients? How much have they earned from this debacle? How can ITI be so inept? The FCA, once contacted, have been efficient at communicating. But what actions to make things happen are they actually taking? It is clear there are thousands of affected people, who, let's remember, have been deprived of their assets and cash for over 13 months. On the back of writing to the FCA and emailing directors at ITI (firstnamedotsurname@iticapital.com) I have some good news. The cash balance was transferred to my bank earlier this week. Next stage is ongoing: transfer of shares to another company.

Stating the obvious: ITI and Leonard Curtis are not fit for purpose and the authorities (FCA, FSCS, Financial Ombudsman and the ICAEW for LC) need to review their suitability / viability and licences.  

Sheris

johnburman said:

All
THE ADDRESS TO COMPLAIN TO THE LSE IS:

"Banton, Dagmar" <DBanton@lseg.com>, "Cote, Diane" <dcote@lseg.com> [she is Head of Risk] cc:  Default Official <defaultofficial@lseg.com>
PLUS the Rules of the LSE are here: https://docs.londonstockexchange.com/sites/default/files/documents/rules-lse.pdf And look at Rule G1020

There is more than G1020, the book should be thrown at them.    

shahtx2

Reading the past 20 pages of complaints, I will only repeat the same complaints.      How can we get hold of all complainers emails ? so we can cc each other and make a group of all the persons involved.

Eg Carl.Lever@leonardcurtis.co.uk; 'updates@campaign.fscs.org.uk'; 'info@leonardcurtis.co.uk'; 're-3O9OMA7T-3O9OM9PG-13IGZ4A@campaign.fscs.org.uk'; onlinesettlements@svssecurities.com; Recovery@leonardcurtis.co.uk; 'accountmanagement@iticapital.com'; info@iticapital.com

What is email of FCA & FSCA ?

Unless we formalize a GROUP, our unity will not to get strong action - we will all remain weak.

Pls someone suggest how to make a GROUP or BODY so our voices can be taken seriously by LC. ITI,FCA and FSCA and also LSE (dbanton@lseg.com; defaultofficial@lseg.com; dcote@lseg.com).

rnf11

shahtx2 said:

Pls someone suggest how to make a GROUP or BODY so our voices can be taken seriously by LC. ITI,FCA and FSCA and also LSE (dbanton@lseg.com; defaultofficial@lseg.com; dcote@lseg.com).

Last weekend it was revealed that the Share Society (ShareSoc) is taking up the cudgels. (Post repeated below for shahtx2 and others' benefit):-

                                         SVS Special Administration: a Scandal in the Making
I have written previously about the collapse of brokerage SVS Securities, here: https://www.sharesoc.org/blog/insolvency-and-administration/an-update-on-svs-securities/ and here: https://www.sharesoc.org/blog/brokers/another-update-on-the-svs-special-administration/
Since my last post on this topic, things have gone from bad to worse. Not only has the transfer of assets from SVS to a new broker taken an inordinate amount of time, but the choice of broker to receive those assets seems questionable, to say the least. This debacle has been covered by press articles, here: https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644 and here: https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/
More recently, ShareSoc has been contacted by former SVS clients who have still been unable to access their assets, more than a year since SVS’s collapse.
A firm called ITI Capital is the broker selected by the administrator, Leonard Curtis, to receive the assets of former SVS clients, and approved for that purpose by the FCA. Now, I have never heard of ITI and its principals appear to be Russian. SVS clients report that despite assurances that they would regain access to their assets by 24th July, they have still not been able to do so, nor has ITI responded to their complaints and requests.
SVS clients have written directly to the FCA, complaining about these matters. I have also written to senior FCA managers, on behalf of ShareSoc and its members, expressing concern and demanding prompt action to resolve the problems that SVS clients are still experiencing. We have also seen complaints that the client pages on ITI’s website are insecure, not using SSL encrypted protection.
The FCA is responsible for approving the transfer of assets and I find it incomprehensible that a transfer to an obscure Russian controlled broker, that seems incapable of offering acceptable service levels to SVS’s beleaguered  clients, was approved.
We have not so far had a response from the FCA and ShareSoc will seek to escalate this matter through parliamentary channels if a satisfactory resolution doesn’t occur soon.
This chain of events raises further questions about the fitness for purpose of the Special Administration Regime and about intermediation of shareholdings.

Mark Bentley, Director, ShareSoc.

jenwrendorset

I am very grateful to everyone who has contributed to this forum, it has made me realise I'm not the idiot in this whole debacle.  I am copying the letter I intend to send to the FCA, and similar to the FOS, LC and my MP however I'm struggling to find any email address for the FCA - can anyone help please - a previous comment  mentioned a Ms Samantha Stewart as the Supervisor Hub with FCA but no email for her.  I'm almost losing the plot with what has been happening over the last 13 months but have taken the liberty of copying and pasting into my letter a little of what has been said before.  Our situation so far is that out of 4 accounts we have managed to get two cash withdrawals honoured and our transfer requests are with iWeb so will start chasing those after the complaint letters have been sent.  Anyway here is a copy of my letter and please can someone give me the correct email addresses for the FCA and FOS (I am going to disregard the order in which one should complain.....let's just inundate them with our letters).

"I am writing this on behalf of myself, my husband and my son but in essence please consider this as three letters of complaint.  We are part of the 20,000 or so very disgruntled ex SVS Securities clients whose assets and cash have been transferred to ITI Capital with the approval of the FCA and the FSCS.  These assets and cash were supposed to have been transferred on 23 July 2020 but it is now September and we are still unable to access our assets or even see an accurate record of our holdings on their platforms.  ITI Capital are not answering the telephone, or if answered (not by a human I hasten to add) the connection is then promptly cut off, they are ignoring emails and our attempt at submitting on-line support tickets just didn't register. We were only informed on 24 August that our joint account has yet to get past the on-boarding stage despite submitting the application form on 2 August, one of the reasons being that we hadn't completed a W-8BEN form - what's that all about ?? but perhaps that request was triggered off by the fact that all our personal information indicates that our country of residence has defaulted to being that of the United States of America.  I emailed Mr David Moss, Head of Compliance at ITI Capital on 25 August listing all our concerns to which he did respond to on 1 September but with just the bog standard platitudes.   

We have four family accounts with ITI Capital, three are under single names and the fourth is a joint account.  Despite sending withdrawal forms on 15 August only a portion of our cash (which consists of a year + of dividends) has so far been released.  The total value of our shares is £59630.00 and getting less by the day so perhaps you can appreciate why we are all very worried.  We have all requested a transfer to a new broker, iWeb which I would like to think is a 'work in progress' but I understand that the transfer process has virtually come to a standstill and there is no likelihood whatsoever of these transfers being completed in the 30 day suggested timeframe.

We have been fobbed off with stories of teething issues: software problems; and that ITI are working to resolve the situation etc etc even Covid-19 has been blamed but the bottom line is that this sorry state of affairs seems to be an ongoing shambolic disaster.  After 13 months of being unable to access our ISAs and dividend payments we, as long-term satisfied customers of SVS, have been thoroughly let down by this appalling nightmare and it needs to be sorted so we can all get back to a life - I have lost count of the hours spent and wasted just trying to make sense of this entire process. Due to the current Covid-19 situation our portfolios are haemorrhaging money almost on a daily basis and thanks to the incompetence of ITI Capital we are unable to do anything but sit back and watch our hard-earned life savings disappear -  like many others I am sure, we will be seeking compensation for this debacle.

We appreciate that the FCA did not select the purchaser of the SVS book, and that the ultimate decision was made by the JSAs but presumably the FCA were responsible for reviewing the regulatory history for each firm presented to them by the JSAs as having an interest in taking on the SVS book of business.  If the figure in excess of 100 buyers who indicated their interest  in taking on the SVS book of business is correct how on earth did we end up in this shambolic state?

In a nutshell this entire transfer process to ITI stinks to high heaven and we can't see that anyone is now protecting our interests. ITI Capital are not making any effort to help themselves by not communicating.  Either they simply didn't do the Due Diligence required to ensure that they had the capabilities to effect this on-boarding process or they have quite blindly gone ahead with their bid knowing that it would take many months to complete.  Either way it is fairly obvious that they don't have the professional expertise to provide even a half decent service to SVS Clients.  Leonard Curtis and the FCA are jointly responsible for this mess and need to accept responsibility.

 

reg_capitulation

Does anyone have a direct phone number for the Transfers team (person?)?

shiznit76

reg_capitulation said:

Does anyone have a direct phone number for the Transfers team (person?)?

999