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Warn: Keep youself from Privilege Wealth Investment Trap

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Warn: Keep youself from Privilege Wealth Investment Trap  Reply with quote  

I am a victim myself. Now I am telling everyone our experience with Privilege Wealth. I hope there will be no more victims of this so called " secure and high profited investment" and of those people.

The group is called “ Privilege Wealth PLC (United Kingdom)”, which has entities everywhere in UK, Spain, USA, Panama to run its business. The business is based on the payday loan, which means Privilege Wealth lends money to the poor people in US at an interest rate between 200-390% per year and in this way the group assures its investors a high profit (10-12% a year). The most fancy thing about this investment is that “ Privilege Wealth insures all loan capital against loss, wrongful acts and default”. Based on the description of the insurance provided by Privilege Wealth, the insurance can guarantee 95% of the capital of the investors in case of Crime (internal and external), Cyber Attract and Capital shortfall.

An investor (Mr X) I know put his money into Privilege Wealth on January of 2016. He should have got redeemed on January 2017. However, 3 weeks later, he did not yet receive his capital. And as I know there is another investor, whose redemption date was at almost the same time, asked for his money too and got nothing into his bank account, either.

Mr X felt very concerned and we asked our introducer to check what happened. The introducer asked Anafin Capital and Privilege Wealth, both of them asked him to contact Chris Rock, who was responsible of the operation- call center in Panama. (Anafin Capital is an ex agent company of Privilege Wealth and broke its relation with Privilege Wealth later as it asked for financial records many times but never got them even after the judge demanded Privilege Wealth to give out all the financial records and books to Anafin Capital. )

Chris Rock gave us several reasons why the redemption was late:

First, they were very busy by their new business model and this issue was not paid enough attention to;

Second, Christmas was a very bad time for their business and the default of the holidays were usually very high, so they were lack of cash.

Third, as the "sabotage" of a blog OFFSHOREALERT, their agents chose to wait and see for the moment, so there was no new investors’ money coming in.

Then our introducer and Chris Rock reached an agreement for the redemption of Mr X, which was his capital plus its extra interest would be returned partly each week until it was fully paid. We all felt content of the agreement, except it was never realized, not even one cent of the capital. Chris Rock found an excuse each time when he was pushed to make the wire, such as:

the bank refused to make the wire because of lack of “routing code” (which is not necessary at all for wiring money to Mr X’s account),

the money that they were expecting was stuck in the banks and they couldn’t get them in time, or sort of things like this.

Then of course, Mr X was furious and so was I. So I wrote a very clear mail to Privilege Wealth’s responsible to warn them if it continued, we would go to sue them.

The mail was sent to Chris Rock (responsible of operation), Mark Munnelly (General Manager) and their Client Liaison Manager.

No one ever answered to the mail. We tried mailing them several times and no one replied, either.

In the meantime, Privilege Wealth was preparing an EGM (Extraordinary General Meeting) with all the limited partners (investors). The reason was back to June 2016, the payday loan’s policies were changed by US government, so they had very little cash flow since then. However, they found a very clever new business model – safer, higher interest and less chaotic, but the business model required much more time for cash flowing in. The payday loan gets cash in every two weeks and the new business model takes 6-9 months at least. What they suggested was that the investors whose redemption dates were in 2017 (after EGM) and 2018 accepted to be redeemed one more year with 3% more profits and all the interests of everyone would be paid up to 31 March 2018, which means the interest would be paid annually, not quarterly. This resolution concerns most of the investors including myself. This suggestion was made on 15th March 2017 by email to the investors . As you will see later, this is only for winning some time for them. There is no one real word of it.

On 23rd March 2017, the EGM was held and the resolution was passed. After the resolution, our introducer thought the situation was very favorable to these two investors as all other investors’ redemption was held back. Only these two redemptions have to be paid as their dates were before the EGM. At the same time, Mr X 's lawyer sent a lawyer’s letter to Privilege Wealth. This letter was sent to the same persons: Chris Rock (responsible of operation), Mark Munnelly (General Manager) and the Client Liaison Manager. Mark replied to the letter very quickly. He said that Chris Rock was shot in Panama and was in the hospital. He himself that was very busy with the EGM. Richard Colwell, who is their group financial director, would go to Panama with him together to take over the call center and all the bank accounts next week. He said Chris Rock should not be a right person to deal with this issue, because he didn’t understand accounting, but Richard and himself were the experts, so they would satisfy Mr X . He also said that they were expecting funds in next Thursday, so they could arrange the wire then.

Sounds reliable, right? Not at all. One week later I checked the Offshore Alert, it says that Chris Burton was shot and arrested in the hospital because he was a Spanish criminal and entered Panama with a false passport. Then I made a call to Mark to ask if they went to Panama and when they would wire the money, he was still in London and told me that they would go next week. I also asked him about Chris Rock (Burton?) and he said this guy was not Privilege Wealth’s employee; he was only hired by a local agent company.

They never went to Panama. The truth was the Panama center was shut down, because the shot happened in the call center and the people working there were freaking out and left. He later admitted that Chris Rock was their employee (manager of the operation) and he did enter Panama with a false passport. He owned money back in Spain and those people chased him to Panama and shot him.

According to Mark and Richard, who we spoke to since then, Chris did not pay the stuff or the rent of the office in Panama and he stole money from the group. So they have decided to ask for a claim of insurance against Crime to cover the loss that Chris caused.

And before that, there was a Cyber Attack of loss of 300,000 USD that was claimed also back on November 2016. However, they never received any money from the insurance.

And they never gave a date for Mr X's redemption as “ they did not want to give a date that they could not commit to and broke the promises again”.

They also said that the collection firms in US did not want to wire money to their account until they set up a new company with a bank account.

When we asked for the insurance against Capital Shortfall, the person who was the broker of the insurance told us that Privilege Wealth failed to pay the premium of the Capital Shortfall last year even after being given a considerate extra time, so the insurance cancelled the policy then. After the resolution, Privilege Wealth has bought a new insurance from the same insurer and re-insurer to replace the former one. However, it means that the insurance coverage written on the contracts did not exist for several months and no one was informed of that. However, Mr X and the other investor who have not been redeemed yet are not covered any more by the insurance as their redemption dates were before the resolution. Through our conversation on the telephone, the broker also admitted that the insurance was not aware that these two investors had got redemption problems and he admitted that it would not be good once the insurance knew the truth. However, Mark did not agree with him. He told us by mail that these two clients were still under the protection of the insurance and he had the insurance policy with him, but he couldn’t show the copy to us because “the broker did not allow him to do so”. Only several days later, the broker who was also a non-executive director resigned from Privilege Wealth. It was at late June.

Then everyone resigned or got fired by Privilege Wealth except Mark Munnelly / Richard Colwell. Some ex-employees did not get paid their last salaries.

And these two still existing directors of Privilege Wealth never picked up their phone in the office or their cellphone or other communication tool (Skype). They have just disappeared like this.

The only two times I heard some news from they since then is the newsletter full of excuses they sent to our introducer on July and the beginning of August. Then there is no more news from their side. The only thing you know is that the company still "exists" according to the site of UK government. I'm afraid that these people are planning of running away or even worse they could possibly have left Europe to get away from justice.

I recently found Brett Jolly who has financed to establish Privilege Wealth according to Offshorealert.com on Facebook . We had several conversations. Although he denied all the time that he was the boss behind Privilege Wealth and he was a victim too, he didn't act like a victim. He tried everything to buy some time by telling me all kinds of excuses- The money is stolen by credit collect firm; he is going to take some legal actions against PW for that all the investors could get back their money in six weeks ; he’s on the way to London to meet the two directors TODAY to try to get his money back etc.

Here are some IMPORTANT facts:

1. No one's capital has ever been redeemed since ever to our knowledge

2. Offshore Alert tells the TRUTH

3. Chris Rock was shot and found criminal with a false passport

4.Privilege Wealth never informed investors that they failed to pay the premium of insurance against capital shortfall last year and they bought a new one after the resolution

5. Privilege Wealth is pending Mr X's redemption since 8 months and unlike what they declared all the time, there's absolutely no intention to pay back the capital of the investor

6. The existing directors of Privilege Wealth kept lying / finding excuses to investors and now they are not responding any more to any mail / telephone / Skype / other communication tool

7. There are also some IMPORTANT documents that we keep asking for, but none of them has been shown to us:

-No Audit report

- No Annual Financial Report

- No new insurance policy copy

- No new contracts regarding to the resolution

I hope no one will ever step into this trap any more. Remember these companies names:

Privilege Wealth / Creditech / Investabl / International Portfolio Service / Prestan Invest / or Whatever former or existing directors of PW found. Warn your family members and friends of this and please help spread this story everywhere on the social or official media to prevent further victims!

I know some other victims of the world. We are fighting together right now. We aim to make it known to the whole world.[/b]
Post Mon Oct 02, 2017 4:07 pm
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The scam continues.  Reply with quote  

They are not stopping. They are still looking for more victime. Be cautious!
Post Tue Oct 03, 2017 1:25 am
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