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"The biggest source of investment for the Privilege Wealth Group today broke the news to its investors that it is massively insolvent due to fraud and mismanagement.
In a letter to its investors, Gibraltar-domiciled Privilege Wealth One Limited Partnership disclosed that the British arm of the group that owes it $38 million - Privilege Wealth Plc - has defaulted on its debt, gone into administration, and will eventually go into liquidation. The administrators are Stephen Katz, of David Rubin & Partners, and John Kelmanson, of Kelmanson Insolvency Solutions.
The $38 million owed to PW One LP is in addition to what PW Plc owes to Luxembourg-domiciled Helix Securitisation Fund, which OffshoreAlert understands invested more than $7 million in the scheme, meaning the Privilege Wealth Group's total insolvency is likely to exceed $45 million.
Today's letter to investors by Gibraltar-domiciled Privilege Wealth Management Ltd., as general partner of PW One LP, was unsigned but the author described themselves as "Managing Director" of PWML and a "Past Director" of PW Plc, which indicates that it is either Andrew Sweeney, 50, or Mark Munnelly, 33.
In the letter, PW One LP investors are asked to support a "restructuring proposal" that will "give investors the chance to recoup all of their capital over a 3, 4 or 5-year time horizon". The proposal involves PW One LP novating its claims against the Plc "to a newly informed US based LLP" that will receive any funds paid out by PW Plc and either "re-invest those funds into fresh US assets" or "distribute those funds to existing investors".
Given that, as OffshoreAlert previously disclosed, Privilege Wealth Group was operated as a fraud from the outset, the proposal appears to be an attempt to, at best, string investors along and, at worst, continue the fraud by asking them at a later date to invest more money."
-Cited from Offshorealert
These scammers apparently haven't collected enough victims and their objective is always to get more victims and to put more money in their own pockets.
Brett Jolly has always been trying to draw victims' attention to his accomplices of Privilege Wealth and PW itself. However, victims should be aware and remember that Brett Jolly is the key person behind all those scams. Those who were / are tied to Privilege Wealth have created numerous companies- to continue the scam of "Payday loan investment " designed and guided by Brett Jolly.
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Please check the reports of Mr Hetherington on Jolly:
http://www.thisismoney.co.uk/money/e...ent-cheat.html
http://www.thisismoney.co.uk/money/c...-Vitality.html
Also the reports of Mr Marchant:
www.offshorealert.com
They all tell the truth.
1. All the stories are based on David Marchants original story on Offshore Alert.
2. Mr Marchant was taken to the High Court in London for libel and defamation. He lost his case and damages were awarded against him.
3. Hetherington and Olive Press (the owner of one of the newspapers) have simply copied the same articles.
4. I have visited Olive Press shown them the documentary proof of the FACTS around my involvement, and they immediate printed an apology and retraction.
5. I have never denied raising funds for Privilege Wealth, and a great deal of people have lost a lot of money. I also placed three quarters of a million dollars with them of my own money ( proveanle through audit and bank statement).
6. Unlike you EVERY item I quote is 100% proven with signed and witnessed documentation going back years.
7. Lastly, and much more importantly, you decided to invest via a company called Dasco/Anafin not me. I never knew you, knew of you, spoke to you, or convinced you to invest. You did all of that via somebody else. I therefore wasn’t involved and earned no commission on your investment.
8. I have offered to send you.... or to share on this forum all documents including my years of letters to the company warning them that they are straying into dangerous waters, and alerting them that one of the people with access to the funds was on forged identity docs and passports, and had a Interpol warrant out for his arrest. I sent these letters (signed for) to the Chsirman of Privilege Wealth BEFORE the last EGM and he chose to do NOTHING about it, despite the incontrovertible proof and evidence I supplied him with. In the circumstances I could not do more to alert the company.
A police report has been filed with the Serious Commercial Crime squad, and I have offered to walk into to any U.K. police station with you to help you in your case.
Yes is sad losing a few tens of thousands, but try losing $750k, I loaned the company the money as they could not pay their payroll and they enters into a security agreement whereupon ALL asset of the company were ceded to me in default. Little did I know they were worthless.
Fraud is a very simple case to prosecute..... you follow the money and find out who has it.
Secondly, IF as you say I have defrauded you, you OBVIOUSLY must have some correspondence from me, or a business card, a letter? or an email from the company under my name, or,,,, did we meet and did I convince you? How do you propose I got you to invest?
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