The previous post published on ERVA explains that Michael Richardson, founder of the above 2 companies, does not hide the fact his 2007 company -The Premier Group (Isle of Man) Limited- is the successor of the BVI-based Premier Balanced Distribution Inc.
But now, the Financial Supervision Commission has confirmed that not only did one take over from the other but that they are, in essence, the same firm.
An FSC officer has confirmed, unofficially, the following:
- The BVI company’s website was www.thepremiergroup.biz, the same as the 2007 company.
- The email address info@thepremiergroup.biz, used by the previous company, is currently in use by the 2007 company.
- Until December 2007, the 2007 company used the BVI company’s telephone and fax numbers: +44 (0) 1624 838110 y Fax and 44 (0) 1624 836785.
- The 2007 company used the green BVI company logo/branding (above) on its website until…May 2010: that’s 3 years after it was incorporated. This is the logo used in the 2004 promotional literature that CAINS says “has nothing to do with its client”.
- The Daily Telegraph, among others, confirmed in 2005 that The Premier Group was based in…the Isle of Man.
For CAINS Advocates though they are two totally separate companies with no connection whatsoever, according to their “independent” report filed with the Bilbao Courts. CAINS says the following in its report:
Nothwithstanding that Cains acts as Isle of Man legal adviser to the The Premier Group (Isle of Man) Limited, we shall act objectively and our statements shall take into account all circumstances which may prove to be favourable as well as those that may cause harm to any of the parties of the proceedings previously stated.
CAINS is employed by the 2007 The Premier Group (Isle of Man) Limited and were also the appointed counsel for the BVI company and they therefore should and could have known that their statement is at best inaccurate and misleading and at worst, fraudulent.
This breach constitutes serious professional misconduct and failure to comply with the principles, rules and regulations of the legal profession in the Isle of Man.
Although possible that both companies were separate, it is exceedingly unlikely in the face of these revelations. As for CAINS, they should have kindly declined the bizarre request of writing an -impossibly- independent report to be used in Court by a client, it is simply laughable that they could stoop so low.
Mr. Richardson comes across as a mix between a dishonest greedy overweight IFA and a compulsive nasty liar.
Also a person who appears to believe that if he calls himself Mr Smith and robs a person, next day he can change his name to Mr Brown and be released from all responsibility for his crime.
Premier´s directors, and those who defend them, are totally unbelievable!
Put them out of their misery and tell them that their fantasies are ludicrous.
No matter how circuitous the byzantine web of Premier’s companies, and no matter how many lies the Premier´s directors issue to blameless members of the public caught up in their absurdly worthless and illegal funds … how can CAINS be legal adviser to these companies, including the Premier Group (Isle of Man) Limited, and yet appear to act as legal advisors to the company’s directors?
Premier’s myriad of companies/funds, list CAINS as their “Legal Advisors” – but these companies are (mostly) all registered as public limited companies (plcs) which under Company Law means they are owned wholly and entirely by their shareholders/investors – and part of the capital provided by the investors is exercised to pay CAINS to act as legal advisors to these shareholder owned companies.
Meanwhile the directors of Premier companies are simply employees of the plcs, yet in the matter of serious allegations of deception and fraud bought by the shareholders against the directors the directors are now using CAINS as the own personal/private legal advisors against the shareholders when the sole duty of CAINS is to the shareholders and NOT the directors.
CAINS is/are paid by the shareholders. Now it appears that Premier’s company directors are using shareholder’s money to employ CAINS to act against the shareholders. This is a conflict of interest which can only be resolved by CAINS immediately withdrawing from simultaneously representing both Premier’s directors and Premier’s plcs.
Premier´s directors pay sales commissions to the charlatans they employ to assist in hawking their useless and illegal schemes and funds via their network of Caribbean shell companies …
For example the Premier Low Risk Fund plc uses a company named Premier Distribution Inc based in the Virgin Islands to do the tricky work – and over the years £millions have been transferred into this black hole which has no known beneficial owners and produces no annual accounts … making it possible to pay undisclosed sums to literally anyone, but all out of capital originally supplied by shareholders.
If money is being embezzled it will be difficult to trace.
This particular Premier “fund” has employed eight different Company Secretaries in the last six years!
CONSIDER THE FACTS
An investment fund known as the “Premier Balanced Fund plc” (“Fund”) was incorporated on the Isle of Man in January 2004. The Fund’s Scheme Particulars describe a British Virgin Island registered company, the Premier Balanced Distribution Inc (“PBD”), as the Fund’s “promoter”.
The “Fund” was marketed/promoted in association with an illegal tax evasion scheme known as the Premier SITIRS.
On the 27th of March 2009 responsibility for “promoting” the “Fund” was passed from the “PBD” to the Premier Group (Isle of Man) Ltd – an event which conveyed accountability and responsibilities previously held by the “PBD” to the new “promoter”.
Lawyers (CAINS) claim that sales brochures (carrying “Premium Group branding) used to promote the illegal SITIRS scheme were “issued” by the previous promoter “PBD” and not the succeeding promoter, Premier Group (Isle of Man) Ltd, who cannot now be held responsible for the actions of the former “promoter”.
However John Charles Bourbon and Michael John Richardson are directors of both the “Fund” and the Premier Group (Isle of Man) Ltd and both were FULLY INFORMED (documents to substantiate this) vis-à-vis the numerous grievances, allegations and difficulties the sale of the illegal Premier SITIRS scheme had caused.
As joint directors of the Premier Group (Isle of Man) Ltd and the “Fund” they were fully aware of impending lawsuits involving the Premier SITIRS scheme BEFORE they elected to engage as the promoter of the “Fund” … and consequently they are fully responsible for all its attendant ramifications and repercussions.
An overwhelming volume of factual evidence is being gathered together in support of serious allegations against Premier’s directors – including quasi confidential “instructions” for use by unqualified and unauthorized (therefore illegal) agents recruited by Premier employee Charles Walton to support Premier’s “selling” of investment products directly to pensioners.
Meanwhile Premier keeps up the “pass-the-parcel” routine, transferring blame for one Premier company’s activities onto some other Premier shell company registered in the Caribbean in the imaginary belief that this will miraculously absolve them of all blame.
Premier’s Caribbean subsidiaries have no known directors or known business activity other than creating odious investment funds and making commission payments to equally odious spivs employed by Premier to help “promote” their iniquitous products to elderly people.
Such is the Premier “empire” and “business model” and all those who have knowingly assisted Premier in this business – and all those inside the Isle of Man government who have knowingly allowed this to continue – should be utterly ashamed of themselves.
FIBS
It would appear that all involved in this tangle of Premier companies and their Caribbean subsidiary shell companies have a predilection for lying.
Not to mention the unqualified freebooters who Premier let lose to con the public with their ambiguous, derisory and sometimes illegal “schemes”.
And then there is the second-rate Isle of Man government who gave the inch that allowed Premier to take a crooked mile. Deplorable.
All together in one big pot cooking up fibs, fibs and yet more fibs.
The Isle of Man regulators are adept at explaining away their inertia to a six year “Statute of Limitations” conveniently (for some) “introduced” by the island’s government in 2007 ….
Fortunately (or unfortunately depending on who you are) there is no “Statute of Limitations” in Spain where crime is crime whenever or by whoever committed.
Complaints about Premier funds are one of many that the Isle of Man government appears either incapable or unwilling to address – with the result that the island’s reputation as a finance centre is now severely compromised …
http://www.iomtoday.co.im/news/isle-of-man-news/louis-group-a-taint-of-illegality-1-6784823
The Isle of Man Financial Supervision Commission (FSC) started to receive complaints about the Premier Group’s activities 14 years ago, but it and the Ombudsman failed to act resulting in thousands of financially inexperienced pensioners being pressed into transferring their life savings into useless (and entirely inappropriate) “experienced investor funds”.
Clearly the Isle of Man regulatory authorities are unfit for purpose.
http://iomombud.alotspace.com/
It is a disaster that this attractive and historic island should fall into such hands, and one can only feel deeply sorry for the honest, decent Manx people who are also victims of this abuse.
The following published by The Premier Group (Isle of Man) Limited (“Premier”).
________________________________________________________________
“Premier” is the successor of a fund group established in 2001 and is responsible for designing, distributing and managing a range of investment funds to investment intermediaries and financial institutions throughout the UK and international markets.
In early 2009 The Premier Group (Isle of Man) Limited was accepted as both a regulated Manager and regulated Promoter under the supervision of Isle of Man’s regulatory body, the Financial Supervision Commission (the “FSC”).
_________________________________________________________________
Consider this …. Premier was elevated (perhaps inconveniently) to “Regulated Promoter” (in early 2009) which coincides with the date (27th March 2009) when Premier ceased to use their previous “promoter”, the British Virgin Island based shell company – Premier Balanced Distribution Inc (“PBD”) – to do their muddy work for the Premier Balanced Fund plc which included …
* Paying undisclosed sales commissions to unlicensed/unqualified “agents”
* Issuing brochures to market Premier SITIRS tax evasion schemes and similar.
* Doing anything that cannot be “discovered” in a highly secretive and impenetrable Caribbean tax haven registered company.
Maybe the Isle of Man “regulators” instructed Premier to stop using these black holes to cover up their “doings” and required them to regularise these “activities” in a transparent Isle of Man registered limited company… Which in turn begs the question – Who are the regulators working for?
Our confidential “contacts” on the Isle of Man are beavering into this and other issues …
Isle of Man-based fund manager The Premier Group has launched an IHT mitigation scheme aimed at Britons with Spanish properties.
Spanish IHT taxes the value of property received by each heir and transfers between spouses are not exempt from this, unlike the UK. Upon death, the beneficiaries of all owners of Spanish property, including homeowners resident in the UK, would be liable for Spanish IHT.
The Spanish Investment Transfer and Income Release Scheme (SITIRS) has financing supplied by Rothschilds Bank in Guernsey and UK-based Surrenda Link Mortgage Holding. Investors can place the money raised on either a guaranteed product or an actively managed fund.
For more visit:-
http://www.professionaladviser.com/international-investment/news/1329056/premier-offers-spanish-iht-mitigation
Perhaps Premier´s directors should heed the age-old advice – “When in a hole stop digging!!!”
This taken directly from “The Premier Group (Isle of Man) Ltd” swanky promotion brochure.
“The Premier Group (Isle of Man) Limited or any of its corporate partners,or other parties or organisations mentioned in this document provides tax, legal or investment advice which should be sought in the country of domicile/residence of every client…”
http://www.thepremiergroup.biz/CorporateBrochureFeb2013.pdf
This may or not be true but what is CERTAINLY TRUE is that “The Premier Low Risk Fund plc” one of the Premier Group (Isle of Man) Limited (feebly performing) investment funds offers considerable financial advice in a brochure (produced by Premier) entitled:-
“Two reasons why there has never been a better time to consider investing in the Premier Low Risk Fund”
Add to this the statement issued by Deputy Director of Supervision, Ms Hazel Gawne of the Isle of Man Financial Supervision Commission :-
“A fund´s Offer Document (a form of advertising, the basis on which an investor makes a decision to invest in a fund) must be approved by the Isle of Man Licenceholder.”
As all Premier´s Experienced Investor Funds” are accompanied with “Offer Documents” how is anyone able to distinguish between “investment advise” and advertising?
Looks like yet another Premier stitch-up!
PREMIER LOW RISK FUND PLC – Company Secretaries
Should the Isle of Man Financial Supervision Commission take an interest in the number of Company Secretaries that have been employed by this Premier fund since its launch in November 2001?
At this time Mr MJ MacBain was listed as Company Secretary.
He was then replaced by Premier director Andrew Ashworth sometime in 2005.
Since Mr Ashworth left the company (around 2008) there has been a constant flow of Company Secretaries who have “resigned” for undisclosed reasons…
Michael J. MacBain (resigned 2005)
Andrew Ashworth (resigned January 2008)
Wyn Hughes (resigned April 2008)
Stewart Fleming (resigned December 2008)
Declan Kerry (resigned January 2009)
Tanya Maqria O´Carrol (resigned April 2009)
Gillian Raiston Jordon (resigned)
L Kneale (resigned)
Chris Tushingham (possibly resigned)
Why has this Premier fund employed at least eight different Company Secretaries in the last six years!
Do they know something we don´t?
Premier “investment funds” (some now “managed” and “promoted” by The Premier Group (Isle of Man) Limited) have/had a Caribbean shell company (no known beneficial owners or annual accounts) attached in a “supporting” role. For example:-
* The Premier Balanced fund plc (Registered in the Isle of Man)
* Premier Balanced Distribution Inc (Registered in the British Virgin Islands)
* The Premier Low Risk plc (Registered in the Isle of Man)
* Premier Distribution Inc (Registered in the British Virgin Islands)
These Caribbean shell companies need only consist of a brass name plate nailed to a wall outside a bungalow (given an elaborate address such as “Poseidon Clearings”) along with a few hundred other brass name plates. The companies then receive large, annual payments from their Isle of Man registered “associates” which is used to finance the ”tricky” business such as:-
Designing and promoting illegal tax evasion schemes/funds. Paying commissions to unqualified/unlicensed conmen assisting in marketing these schemes/funds – and generally keeping a secretive lid on the fund´s activities.
Worth noting that all “PLCs” and “LTDs” are inert entities incapable of good or bad, thought or deed… and only the directors of these entities are capable of instigating company activities.
Lawyers (CAINS) acting for The Premier Group (Isle of Man) Limited, CAINS, are now attempting to distance themselves from the activities of Premier Balanced Distribution Inc who they claim were responsible for “issuing” Premier SITIRS brochures and not The Premier Group (Isle of Man) Limited.
Well they would – wouldn´t they?
OPEN LETTER TO THE CHIEF MINISTER OF THE ISLE OF MAN – HON. ALAN BELL
Dear Mr Bell
The Premier Group (Isle of Man) Limited
On Tuesday the 16th October 2007 you, then Minister for the Treasury, placed orders before the Tynwald Court to amend the statutory requirements relating to hitherto unregulated “Experienced Investor Funds” (“EIFs”) together with orders which, as of 1st November 2007, would proscribe certain “EIFs”.
These orders appear to have been designed to prevent further misuse of “EIFs” by Isle of Man registered fund providers.
During the course of moving the orders (40, 41 and 42) for a vote of approval by the Court, Mr Crowe MHK asked you:- ” …it appears from reading these (orders) that none of the experienced investor funds are controlled by the Financial Supervision Commission and this is, in effect, bringing all of these EIFs within the control of the FSC now?”
You replied:- “This is the case, Mr President, and the existing EIFs are in fact being phased out over the period and being replaced with the new funds. I beg to move.”
At this time you were fully acquainted with the methods used by the directors of the Premier Low Risk Fund plc (“Premier”) to obtain cash transfers (worth £millions) from elderly people directly into a bank account held in the name of the “Premier Low Risk Fund“ (Account No 2029-56142638).
In the circumstances would it have been an opportune moment to inform members of the Court of the situation (general or specific) which prompted the new orders, and why you were attempting to move the orders through the Tynwald Court?
In the event the Tynwald remained unaware of (one of) the reasons for “phasing out” EIFs and “Premier´s” involvement in marketing a fund(s) designed specifically for the commercial/corporate market and high net worth, professional investors ONLY. And NOT for retail sale to financially naive pensioners.
Also on this day (16th October 2007) in the Tynwald Court you were aware that two more Premier Group “EIFs” (The Premier Balanced fund plc and Premier Optima 2) were subject to allegations in the matter of involvement in an illegal tax evasion scheme known as Premier SITIRS designed to mislead the Spanish tax authority. Given the circumstances would this be another issue involving “EIFs” which should have been revealed to the Tynwald Court?
It is in the public interest that the Isle of Man government commences action to bring the Premier Group under control – starting by returning ALL monies, plus interest, to the elderly people who were damaged by the Premier Group’s misleading marketing practices. And another pressing need is the urgent reform of the Isle of Man Financial Supervision Commission which appears not fit for purpose.
The complete record of Tynwald proceedings and orders for 16th October 2007 are lodged with various lawyers representing Premier´s injured.
Pensioners for Justice
Mr John Charles Bourbon
* A director of “The Premier Group (Isle of Man) Ltd”
* And a director of “The Premier Balanced Fund plc” – an Experienced Investor Fund (“EIF”).
Before taking up directorships with at least ten of Premier´s “EIF” funds/schemes Mr Bourbon was Head of Supervision at the Isle of Man Financial Supervision Commission where he was actively involved in the design and introduction of the Isle of Man “EIF” genre of collective investment funds – although this particular boast has now been withdrawn from his webpage.
http://www.johnbourbonconsulting.com/
The Premier Group (Isle of Man) Ltd could not have chosen a better qualified individual than this architect of the Isle of Man “EIF” genre to guide their portfolio of “EIF” funds through the complexities of marketing investment products, designed EXCLUSIVELY for “trade sales” to corporate/commercial financial organizations and high net worth, professional investors.
And certainly NOT designed for “retail sales” to unwary pensioners (retired plumbers, builders, decorators, hairdressers and car mechanics) who were to be cajoled by dubious means into transferring their life savings into various Premier “EIF” bank accounts.
Hopefully Mr Bourbon is now in the course of correcting this matter.
The unfortunate people who Premier tricked into their Premier SITIRS scheme and other wretched funds were not “investors” in any sense of the word. They were simply people who had spent a life time of honest work accumulating a small amount of capital to help them in their retirement.
Many were quite elderly, some in their 80s, others were living alone and it is reasonable to suppose that their cognitive powers were in decline and unable to understand even how to open a savings account let alone invest in a complex fund designed for experienced, professional investors only.
Yet the directors of the Premier Group (via its Premier SITIRS invention and other duff products) were quite prepared to receive pensioners savings into “EIF” bank accounts and retain this money even when provided with irrefutable evidence (copies of letters/emails with our lawyers) that, regardless of the illegality of the products, these people were NOT qualified to invest in Premier’s “EIFs”.
A major contributing factor was that Premier employed totally unqualified and unlicensed “agents” to assist in “marketing” their “EIFs”. These people had little understanding of financial products and only became involved for the large sales commissions Premier paid them (via secretive Caribbean shell companies).
Had Premier “employed” properly registered, fully qualified professional financial advisors then this this situation would have never arisen.
When the directors of the Premier Group are asked why they allowed unqualified “agents” to access the Premier portfolio of “EIF” SITIRS products they reply that these people were not “working” for them, but rather “working” for the pensioners! And that the pensioners should blame these “agents” for allowing them to invest in a Premier “EIF”. This does not explain why the Premier Group gave the “agents” Premier “EIF” investment products in the first place.
Who the unlicensed “agents” were “working” for is irrelevant because the inescapable fact remains that the Premier Group paid them (large sales commissions via a circuitous route) and the pensioners didn’t. And these payments (how large we may never know) originated from Premier Company funds which were only available because the Premier Group (and/or associated companies) had received cash transfers, from the public, directly into Premier’s “EIF” bank accounts.
Cash transfers obtained, it now appears, from a variety of dubious means including misrepresentation, misselling and deception.
My 76 year old mother was given the same excuse by both Premier and by Premier’s “regulators” the Isle of Man Financial Supervision Commission (FSC) who told her :-
“You will have to complain to the agent who sold you the Premier “EIF”.
The Premier Group do not sell their funds directly to the public and as a result Premier is entirely blameless in this matter.”
This despite my mother being present at a Premier “Sales Promotion” meeting in a fancy hotel which was attended by? Premier employees! And that she was later issued with “EIF” scheme retail marketing brochures produced by? Premier! Premier was clearly marketing their “EIF” funds directly, and by proxy, to the general public!
Taking up the Isle of Man FSC’s advice my mother tried to contact the agent who had cold called on her and helped her make the money transfer directly into Premier’s bank account … Her endless calls remained unanswered and eventually she was told that the agent had scarpered along with the Premier “commissions” never to be seen again.
On making further enquiries it was found that all the other agents working for Premier had also disappeared!
Clearly the FSC has no interest in the welfare of the general public – too busy protecting Isle of Man based investment funds!
The whole world knows that Premier are experts at (attempts to) pass-off responsibility for their less than savoury activities onto anyone but themselves. And that the FSC gives Premier their full support.
The unfortunate people who Premier tricked into their Premier “EIF” SITIRS scheme and other wretched funds were not “investors” in any sense of the word. They were simply people who had spent a life time of honest work accumulating a small amount of capital to help them in their retirement.
Many were quite elderly, some in their 80s, others were living alone and it is reasonable to suppose that their cognitive powers were in decline and unable to understand even how to open a savings account let alone invest in a complex fund designed for experienced, professional investors only.
Yet the directors of the Premier Group (via its Premier SITIRS invention and other duff products) were quite prepared to receive pensioners savings into “EIF” bank accounts and retain their money even when provided with irrefutable evidence (copies of letters/emails with our lawyers) that, regardless of the illegality of the products, these people were NOT qualified to invest in Premier’s “EIFs”.
A major contributing factor was that Premier employed totally unqualified and unlicensed “agents” to assist in “marketing” their “EIFs”. These people had little understanding of financial products and became involved for the large sales commissions Premier paid them (via secretive Caribbean shell companies).
Had Premier “employed” properly registered, fully qualified professional financial advisors then this this situation would have never arisen.
The unfortunate people who Premier tricked into their Premier “EIF” SITIRS scheme and other unfortunate funds were not “investors” in any sense of the word. They were simply people who had spent a life time of honest work accumulating a small amount of capital to help them in their retirement.
Many were quite elderly, some in their 80s, others were living alone and it is reasonable to suppose that their cognitive powers were in decline and unable to understand even how to open a savings account let alone invest in a complex fund designed for experienced, professional investors only.
Yet the directors of the Premier Group (via its Premier SITIRS invention and other duff products) were quite prepared to receive pensioners savings into Premier “EIF” bank accounts and retain their money even when provided with evidence (copies of letters/emails with our lawyers) that, regardless of the illegality of the products, these people were NOT qualified to invest in Premier’s “EIFs”.
A major contributing factor was that Premier employed totally unqualified and unlicensed “agents” to assist in “marketing” their “EIFs”. These people had little understanding of financial products and became involved for the large sales commissions which Premier paid them (via Caribbean shell companies).
Had Premier “employed” properly registered, fully qualified professional financial advisors then this this situation would have never arisen.
It wasn’t Premier who tricked anyone I know into investing with them, it was the banks or their own commissioned bogus advisers. In my case it was Rothschild’s lying and crooked employee Stephen Dewsnip that personally recommended the Rothschild’s SITIRS scheme to my wife and I at a Rothschild Seminar, with a warm handshake. Now the liar denies all knowledge of it.
What of the role of The Premier Balanced Fund plc “Manager” in all of this?
The Fund Prospectus lists the “Manager” as, errr … The Premier Group (Isle of Man) Limited, describing the “Manager’s” activity as …
“The Manager is to act as manager of collective investment schemes and to provide management services in relation to collective investment schemes. In addition to providing management services to the Fund, the Manager currently manages or expects to manage a number of other collective investment schemes.
Under the terms of the Management and Administration Agreement which has been concluded by the Fund with the Administrator and the Manager, the Manager will, subject to any general policy laid down by the Fund, act as the manager of the Fund and be responsible for: the conduct of the administration of the Fund; managing and operating the Fund in accordance with the Fund’s memorandum and articles of association and these Scheme Particulars; and those other matters for which it is required to be responsible under the terms of the Regulations. The Manager has power to act so as to contract on behalf of or otherwise bind the Fund, subject to the terms of the Management and Administration Agreement.”
Got that?
What appears to be an incestuous, superfluous and doubtless costly adjunct to the Fund does not seem to be functioning (a function which is not entirely clear) particularly well …
Just who are Premier’s Funds designed for?
Research the number of people who are feeding-off a typical Premier EIF product.
For example The Premier Balanced Fund plc/SITIRS scheme ….
* Premier Fund’s five directors
* Premier’s “SITIRS” scheme directors
* Premier Fund office staff, including Company Secretary etc
* Banks involved in providing Premier with “loans”
* Premier’s Lawyers
* Premier’s Accountants
* Premier’s Auditors
* Premier Fund Administrator (separate company)
* Premier Fund Promoter (separate company now moved from the Virgin Islands)
* Premier Fund Manager (separate company)
* Premier Fund Custodian (separate company)
* Premier Fund Investment Committee
* Premier Fund Investment Manager (separate company)
* Premier’s Listing Sponsor for the Fund (separate company)
Premier Funds have to pay out large amounts of money BEFORE investors can hope to receive a return on their “investment” – which coupled with inept management may explain why Premier products perform poorly and some shareholders lose substantial amounts of money.
Meanwhile the Fund directors and the Fund service “providers” take no risks and prosper!
Perhaps a good reason to avoid the Isle of Man for financial matters?
RECEIVING bank transfers obtained by deception is a serious criminal offence.
That the bank transfers were made from Spain is irrelevant. The only thing that matters is that they were RECEIVED by Isle of Man registered companies into the bank accounts of these companies.
And then there is serious ANOTHER offence.
RETAINING bank transfers knowing that they had been obtained by deception.
The Isle of Man “authorities” clearly don’t care … but fortunately (for some) the Spanish Courts and attendant powers will take a very dismal view of this conduct and will instigate an in depth investigation into alleged crime in their sovereign jurisdiction …
RECEIVING bank transfers obtained by deception is a serious criminal offence.
That the bank transfers were made from Spain is irrelevant. The only thing concern is that they were RECEIVED by Isle of Man registered companies into the bank accounts of these companies.
And then there is ANOTHER offence.
RETAINING bank transfers knowing that they had been obtained by deception.
The Isle of Man “authorities” clearly don’t care … but fortunately (for some) the Spanish Courts (and attendant powers) could take a dismal view of this conduct and instigate an in depth investigation into the alleged crime of OBTAINING bank transfers by deception inside their sovereign jurisdiction …
PREMIER’S FOUR DUCKS
It would appear that to obtain the unobstructed receipt of cash transfers from pensioners into the bank accounts of their Isle of Man based companies the Premier Group need only to line-up four ducks.
No 1 Duck. Form an impenetrable Caribbean shell company (with Premier directors) to “design” financial products and “issue” promotion brochures. Have the products “registered” (but not “reviewed”) by the Isle of Man regulator and given “Experienced Investor Only Fund” (“EIFs”) status which come with the obliging small print advice:- “Investors are not protected by statutory compensation arrangements and the Isle of Man Financial Supervision Commission does not vouch for the financial soundness of the Fund or for the accuracy of any statements made or opinions expressed about it.”
Pay sales “agents”, no qualifications to sell financial products required, with performance commissions.
No 2 Duck. Import the “EIFs” into another legal/sovereign jurisdiction (in this case Spain) without authorization or product approval and use Premier recruiters to engage inexperienced “agents” (mostly unauthorized and unlicenced but Premier still describe them as “professional” investment advisors) to specifically “target” the life savings of pensioners with investment products designed exclusively for corporate, institutional and high net worth professional investors only…
No 3 Duck. Receive, (and retain despite considerable protest) cash transfers from the pensioners directly into Premier controlled bank accounts.
No 4 Duck. In agreement with the Isle of Man regulator – the Financial Supervision Commission – ensure that Premier are absolved from all blame by inventing the defence that the “agents” were not acting for any Premier companies but instead were “working” exclusively for the pensioners and entire blame rests with the “agents” and the pensioners. And as the transient “agents” were conducting business from short-term accommodation they were all able to disappear on cue, leaving the pensioners unable to complain to anybody.
FOOTNOTE: Because “investors” rarely realise any financial gain from Premier Funds it would appear that the funds exist only to benefit Premier’s directors and associated hangers-on.
Ah! The joys of operating an investment fund based on the Isle of Man!
It is simply fraud and more fraud. In fact the FSC ar compounding this fraud. I wonder if they are getting a rake off themselves.
Hi, do you allow guest posting on erva.es ? 🙂 Please let me know on my email
What?
You have posted a comment … so why ask for unnecessary permission?
You have not left an email address!
Have you anything constructive to post? If so .. post it!
HELLO, IF THERE IS STILL ANYONE LOKING AT THIS PAGE, HAS ANYONE COME ACROSS MANCHESTER BUILDING SOCIETY’S SPANISH LIFETIME MORTGAGES , LANGTONS IFA, GUY ALEXANDER LANGTON, GOLDEN AGE DISTRIBUTION, MORE ON CHARLES WALTON. I AM AMAZED AT YOUR PERSERVERENCE OVER THE YEARS, AND SO GLAD RE YOUR SUCESS IN THE SUPREME COURT.
Dear Gloria,
Many thanks for your request. Please email us on info@erva.es and we will provide you with further informaiton on Manchester Building society mortgages.
Kind regards