SVS Securities - shut down?

manted

https://www.thisismoney.co.uk/money/saving/article-8701161/How-did-three-months-50-000-invested-Premium-Bonds.html
This journalist had issues withdrawing money from Premium bonds and got compensated for it. GIves me hope that maybe we will also be able to claim compensation for our losses during this period.

johnburman

I have asked this before but is it necessary to close your accounts BEFORE ITI will action your transfer out request ? I say this as the pdf closure form which they want you to sign has our securities incorrectly stated on it. And I don't want to sign an incorrect document. 

SECONDLY 

 I see lots of posts concerning people trading on ITI. You can trade by phone manually. Sure you may not get a contract note or it may be wrong but at least you can trade. But for most TRANSFERRING OUT OF ITI to a new broker is clearly the best option. That is what everyone with an XO account should do. And that's what is NOT happening.

My request went in from our new brokers to ITI at the end of July... and so far nothing. Surely the press and regulators must now start acting.

THIRDLY 

Per my earlier posts complain to the LONDON STOCK EXCHANGE about ITI. They are in breach of the Rules of membership of the LSE and the LSE should be taking action. 

rnf11

sweeter_strudel said:

Trustpilot now has 22 reviews - all of them rating ITI Capital as bad......lowest possible score 1 star.
Like others here I fear for their solvency the longer this farce continues. If they are charging #7.95 for a trade and it is taking them 15 minutes to faff about between multiple systems to actually sell SVS shares then I can't see that as being cost effective no matter what margin spread they have to also make money out of.

,,,, just you wait till their hefty "custody" fees kick in next month.....

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...

To read the full article log in. To learn more about a subscription click here.

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.