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  • FIRST POST
    • M.Elliott
    • By M.Elliott 21st May 18, 9:11 AM
    • 26Posts
    • 13Thanks
    M.Elliott
    Fraudulent investments?
    • #1
    • 21st May 18, 9:11 AM
    Fraudulent investments? 21st May 18 at 9:11 AM
    Would be very grateful for some help with regards to an upsetting and highly stressful time for my parents. On the advise of their financial adviser they invested their entire life savings into two separate sister companies: helix investment management and munio capital. These are companies then invested their money in a payday loan company called privilege wealth plc. Privilege wealth plc have now claimed that due to fraud within the company that they essentially have no money left and need to liquidate the company. Where this leaves my parents money is anyone's guess. Their financial adviser is useless and has no answers to their questions. It seems helix are currently in a court case with privilege wealth to try and gain whatever assets there are left. Munio have dropped off the face of the earth, no website, emails getting pinged back to us, phone number not working. My parents are thinking now it's solicitor time and to possibly try and sue financial due to poor advice, he assured them this was a completely safe investment and nothing could go wrong and being green about these things they trusted him. Both these companies seem to be unregulated and i want to know does that make a difference. Please any advice is more than welcome as my poor parents are literally ready for a break down with worry !!!128577;
Page 6
    • SeaPrince1
    • By SeaPrince1 7th Nov 18, 10:53 AM
    • 14 Posts
    • 0 Thanks
    SeaPrince1
    Munio Bonds
    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.
    • Malthusian
    • By Malthusian 7th Nov 18, 11:04 AM
    • 7,080 Posts
    • 11,413 Thanks
    Malthusian
    That was generous of them to promise a higher rate of interest out of their no money.

    AccountingWorx and Jade State Wealth are the same company.

    Jade State Wealth Limited is a wholly-owned subsidiary and operating brand / company of Accounting Worx Limited, registration number 05977454.
    by http://www.jadestatewealth.co.uk/
    Insolvency administration should be carried out by a firm that is completely independent of the insolvent firm's own accountants and advisers, to ensure there is no conflict of interest.

    *edit*

    To illustrate why this is important: let's suppose, entirely hypothetically, that Munio Capital had made payments that it should not have made. These misallocated payments would eventually have contributed to the inability of the company to pay its investors. Since AccountingWorx/Jade State Wealth/whatever they want to call themselves are Munio's payment processors, these payments would have gone through them.

    How can Jade State Wealth/AccountingWorx be expected to fully investigate such payments, and pursue recovery of the funds, when they were partially responsible for them, and would (as payment processors don't work for free) have taken a cut?

    I am not saying that any such payments were made; I am illustrating why when a company goes bust, the administration process should be carried out by qualified insolvency practitioners who are completely independent of it.
    Last edited by Malthusian; 07-11-2018 at 11:29 AM.
    • SeaPrince1
    • By SeaPrince1 7th Nov 18, 11:32 AM
    • 14 Posts
    • 0 Thanks
    SeaPrince1
    Munio Bonds
    Hi Malthusian, thanks for your input. It looks like this is going to be a long road for me. I will post again if I make any progress.
    • SeaPrince1
    • By SeaPrince1 7th Nov 18, 8:31 PM
    • 14 Posts
    • 0 Thanks
    SeaPrince1
    Munio
    Hi, Graham Vodden. I'm in a similar position to you with regard to Munio. You've mentioned contacting the Police about this Fraud. Have you done so and has there been any progress in the matter? I have had no contact from Munio since March but have discovered today on BOND REVIEW that the company is being dissolved on 16th December. This is illegal without informing investors. The following is part of a reply I received from Bond Review today (7/11/18):

    "They won't be dissolved until 16 December, two months after the notice of the dissolution was published. The dissolution may be suspended if you or other creditors object.

    Not informing you is a criminal offence punishable by a fine, and if it can be proved that you were not informed "with the intention of concealing the making of the application from the person concerned", a prison sentence as well. (Companies Act section 1005.)"
    Last edited by SeaPrince1; 07-11-2018 at 8:46 PM. Reason: addition
    • SeaPrince1
    • By SeaPrince1 7th Nov 18, 8:47 PM
    • 14 Posts
    • 0 Thanks
    SeaPrince1
    Hi Malthusian, please see my latest post to Graham Vodden above.
    • SeaPrince1
    • By SeaPrince1 8th Nov 18, 11:28 AM
    • 14 Posts
    • 0 Thanks
    SeaPrince1
    Munio Bonds
    Hi, just a quick update. I have raised an objection to the dissolution with companies house, this morning. I await their reply
    • avidinvester
    • By avidinvester 21st Mar 19, 1:33 PM
    • 1 Posts
    • 0 Thanks
    avidinvester
    My mother lost a fortune with Munio so I have done a bit of research & the Director Gary Williamson is also a Director of
    Green IS Group Ltd
    GIS Forestry Ltd
    Green IS Projects Ltd
    GIS Clean Bond Ltd
    Green IS holding company PLC
    They sell Forestry in Brazil
    The other Director on some of the above Companies is Guy Conroy his former Company was
    Oxigen Investments PLC
    Oxigen Ltd
    Oxigen Forestry Ltd
    Oxigen plantations Ltd
    Green forestry management Ltd
    Bond supermarket Ltd
    and many more companies !
    Many investors lost millions do some research yourself the Forestry Company has 80 Million Pounds worth of Assets probably from Munio Capital !
    • webjaved
    • By webjaved 21st Mar 19, 1:36 PM
    • 223 Posts
    • 251 Thanks
    webjaved
    My mother lost a fortune with Munio so I have done a bit of research & the Director Gary Williamson is also a Director of
    Green IS Group Ltd
    GIS Forestry Ltd
    Green IS Projects Ltd
    GIS Clean Bond Ltd
    Green IS holding company PLC
    They sell Forestry in Brazil
    The other Director on some of the above Companies is Guy Conroy his former Company was
    Oxigen Investments PLC
    Oxigen Ltd
    Oxigen Forestry Ltd
    Oxigen plantations Ltd
    Green forestry management Ltd
    Bond supermarket Ltd
    and many more companies !
    Many investors lost millions do some research yourself the Forestry Company has 80 Million Pounds worth of Assets probably from Munio Capital !
    Originally posted by avidinvester
    Blimey! He has his hands and feet dipped in everywhere!
    Save 12k in 2019 #154 - 12,696.98/12k
    • Malthusian
    • By Malthusian 21st Mar 19, 2:15 PM
    • 7,080 Posts
    • 11,413 Thanks
    Malthusian
    Many investors lost millions do some research yourself the Forestry Company has 80 Million Pounds worth of Assets probably from Munio Capital !
    Originally posted by avidinvester
    Munio Capital only took in 812,500, at least if its accounts are to be believed.
    • Graham Vodden
    • By Graham Vodden 1st May 19, 12:11 PM
    • 8 Posts
    • 0 Thanks
    Graham Vodden
    Hello M Elliott,
    Sorry I have not contact you ,I have had computer problems and log in problems to
    this site. Sorry but I have not had any news on our Munio problem .The last letter from
    Gary Williamson dated 28 -3- 18 said that Munio undertaking and exploring all avenues
    open to us in order to resolve this issue.We will endeavour to update you with all material developments and keep working tirelessly to resolve this pertinent issues.
    • Malthusian
    • By Malthusian 1st May 19, 2:26 PM
    • 7,080 Posts
    • 11,413 Thanks
    Malthusian
    If it is true that Munio Capital invested its investors' money in Privilege, there are no avenues to explore other than waiting for the Privilege administration to conclude. It looks highly likely that recoveries will be minimal or nil. https://bondreview.co.uk/2019/04/30/privilege-wealth-administrators-file-update-no-further-recoveries-but-sioux-indian-payday-loans-have-a-value/
    • SeaPrince1
    • By SeaPrince1 7th May 19, 8:23 PM
    • 14 Posts
    • 0 Thanks
    SeaPrince1
    Hi,

    Regarding Munio, I have it on good authority that Jade State Wealth, the trustees of the company, were only authorised for one day (19/10/17) and now appear to have been dissolved. Why would a company be authorised for one day only? Is this suspicious? I have also discovered that my so-called IFA's registration lapsed in 2012 and he failed to disclose this to me. I had done business with him previously and was unaware of him not being authorised at the time of the investment. He is now uncontactable by telephone. I have contacted an investment recovery company but it appears that because Jade State Wealth, the IFA and Munio were not authorised by the FCA, they are unable to help and they have advised me that a solicitor may be the only option now available. Does anyone have any further information?
    • Reaper
    • By Reaper 8th May 19, 9:45 AM
    • 6,727 Posts
    • 5,090 Thanks
    Reaper
    Regarding Munio, I have it on good authority that Jade State Wealth, the trustees of the company, were only authorised for one day (19/10/17)
    Originally posted by SeaPrince1
    The good authority is close, but not quite right. They were authorised 19/10/17 then lost it again on 25/10/2017
    https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b00000413XvBAAU
    It's certainly odd. There must be story behind it.
    and now appear to have been dissolved
    Originally posted by SeaPrince1
    No, they still exist
    https://beta.companieshouse.gov.uk/company/07688855

    By the way although Jade's web site say they are wholley owned by Accounting Worx Limited that is out of date as their name has now changed to Inchmead Ltd
    https://beta.companieshouse.gov.uk/company/05977454
    Last edited by Reaper; 08-05-2019 at 9:50 AM.
    • Graham Vodden
    • By Graham Vodden 2nd Nov 19, 8:31 PM
    • 8 Posts
    • 0 Thanks
    Graham Vodden
    munio capital
    Message to M Elliott, Had letter from Grant Thornton some weeks ago in regard to our problem,saying the company was dealing with the liquidation and a claim had been lodged on behalf of all investors,since then I have tried to contact Munio but nobody is talking .I would appreciate any info on this matter. Graham Vodden
    • Malthusian
    • By Malthusian 7th Nov 19, 10:35 AM
    • 7,080 Posts
    • 11,413 Thanks
    Malthusian
    Message to M Elliott, Had letter from Grant Thornton some weeks ago in regard to our problem,saying the company was dealing with the liquidation and a claim had been lodged on behalf of all investors,since then I have tried to contact Munio but nobody is talking .I would appreciate any info on this matter. Graham Vodden
    Originally posted by Graham Vodden
    No sign of any liquidation in the Gazette or on Companies House, though that doesn't exclude the possibility that things are going on behind the scenes.

    If the people claiming to be Grant Thornton ask you for money (or anyone else does) it's another scam.
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