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Thread: Brett Jolly and his Spain-based fellows' scams

  1. #21
    Bronze Member Didditmiself's Avatar
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    None. I concluded that since it appears that it's only between two people (at this stage) who have a public disagreement, and that a spat such as this often ends up unresolved, it would be of little benefit to others if they keep throwing the muck at each other. But, that is only my opinion and in hindsight, I guess I don't really have justification to ask you censure anyone.

  2. #22
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    Privilege Wealth Management, PLC, and its affiliate Privilege Direct are engaged in a global investment fraud in offering investors 12% annual returns to invest in a "low risk," "insured" strategy of providing "cash" or "payday loans" to high-risk U.S. borrowers.
    If it is too good to be true why invest as there are too many frauds going around. Stay alert!!

  3. #23
    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Rachel18 View Post
    ...are engaged in a global investment fraud in offering investors 12% annual returns to invest in a "low risk," "insured" strategy of providing "cash" or "payday loans"...

    If it is too good to be true why invest as there are too many frauds going around. Stay alert!!
    Can a return of 12% per annum in the payday loan industry be dismissed as "too good to be true"?
    The interest rate and admin fees charged by payday loan companies are truly eye-watering.
    The trouble with opportunity is it normally comes dressed up as work.

  4. #24
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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.

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