Moneda Capital Warning

Dingdangdu

Has anybody else received an email from Moneda, purporting that they are under investigation by the FCA, and that anybody seeking further information should contact the FCA directly - they even provided the phone number and case reference number? 

masonic

Dingdangdu said:

Has anybody else received an email from Moneda, purporting that they are under investigation by the FCA, and that anybody seeking further information should contact the FCA directly - they even provided the phone number and case reference number? 

The FCA does instruct firms to release approved communications to all known investors in such circumstances, so it is probably genuine and not the sort of thing they'd do without it being true. However, I'd be hesitant to use any contact details in the email just in case.

There is little point contacting the FCA. If they need anything from you then they are capable of getting your details and contacting you directly, as they did me during their investigation into a fraudulent P2P platform I'd invested in some years ago. At some point they may gather evidence about what investors were told about what they were supposed to be investing in.

Dingdangdu

I guess in a position where I don’t know what’s real or not anymore, my mindset is desperately trying to gain a glimmer of hope from any direction - despite what might be forlornly obvious staring me in the face… 

masonic

A glimmer of hope is that they at least seem to be appearing to cooperate with the FCA, first changing their website, now warning investors.

It's far too early to make any predictions about how it will play out though.

clairec666

masonic said:

A glimmer of hope is that they at least seem to be appearing to cooperate with the FCA, first changing their website, now warning investors.

It's far too early to make any predictions about how it will play out though.

Suggests perhaps that they weren't out there to scam people and run off with their money (in which case they would have just shut down the website and vanished by now). Probably ineptness / bad business decisions rather than criminality, and they're ignoring phone calls from irate investors while they sort the whole mess out.

Consumer9000

The FCA details don't look promising, as the FCA website doesn't list them as a company that they regulate. 
I called the number (which is the actual FCA number) but can't get through. Still trying.

Any other avenues to pursue other than Action Fraud?

poseidon1

masonic said:

A glimmer of hope is that they at least seem to be appearing to cooperate with the FCA, first changing their website, now warning investors.

It's far too early to make any predictions about how it will play out though.

As I pointed out back in May, their last rather dismal published  accounts at Companies House told me everything I needed to know about this company - see below

https://share.google/MToe5xqwqMkWNh76R

Surely a tiny  negative balance sheet, vanishingly short trading history culminating in a trading loss should have tipped off prospective clients?

  If that wasn't a  sufficient clue then the preamble to the accounts that describes their primary activity as developing and managing properties via SPVs should have rang very loud alarm bells with unpleasant echos of LCF.

masonic

Consumer9000 said:

The FCA details don't look promising, as the FCA website doesn't list them as a company that they regulate. 
I called the number (which is the actual FCA number) but can't get through. Still trying.

Any other avenues to pursue other than Action Fraud?

Moneda isn't regulated by the FCA, but has been drawn into their jurisdiction by (potentially) engaging in regulated activities without authorisation.

There is nothing currently for victims to do. There will no doubt be further news as the FCA investigation progresses.

PocketRocket2701

I too received the email.  This is also linked to Strowz Ltd and if you look them up online the FCA show a warning report issued to them, also under FCA investigation. It's rather damning.  I consulted a solicitor who suggested a possible Ponzi Scheme whereby investor's money is never actually invested in the banks they say

artyboy

clairec666 said:

I suspect the previous posts may have been "reported as spam" by Moneda in order to get them removed

The MSE team should perhaps be using this as an object lesson on not just deleting threads based on a (now it appears) dodgy company telling them to. 

Given the fact that MSE still prominently uses Martin Lewis, this is a situation where they could have done a much better job of alerting the public, but actively failed to do so. And as a result, their reputation as a consumer champion risks being tarnished.