Buy2Let Cars Fraud Raids - Arrests Made by Serious Fraud Office

 The Serious Fraud Office (SFO) have announced that they are investigating suspected fraud in relation to Raedex Consortium which includes the companies Buy2Let Cars and Wheels4Sure. This follows the companies going into administration in March 2021. One person was arrested and interviewed in connection with raids in premises connected to the investigation. This website has previously highlighted the dubious sales tactics used by Buy2Let cars to target investors (as shown by the ad below) and the speed of the collapse of the company when they were prevented from taking in new money would suggest that there may have been a Ponzi scheme at work if a constant flow of new investors were needed to keep the company afloat. A number of car leaseholders have posted on the MSE forums very worried that their cars will be taken away but also struggling with the servicing and taxing of their vehicles which was meant to be handled by Wheels4Sure the leasing arm of Buy2Let cars. It now looks like th

Buy2Let Cars Goes Bust - Will Investors get any money back?

This blog had previously highlighted the promotion techniques of Buy2Let cars and warned that these sort of promotions to unsuspecting investors were a possible disaster waiting to happen. It looks like that has now come true with the company going into administration because it was insolvent. The FCA information below shows some serious discrepancies over the details provided by the company compared to the officially listed records of vehicles. There are some worrying bits of information coming out that suggest the model publicly promoted by Buy2Let cars wasn't actually what happened in practice. Investors may have thought they were buying an actual car but the cars weren't owned by the entity that they handed money over to. The FCA statement on the supervisory notice that they have been told thet Buy2Let cars had 1200 customers and 1200 leases. There are 4 companies in the group, Raedex

Is Marshbell Group Solar A Scam? Review of Fixed Rate Bonds

A question has been raised on Marshbell Group investment in solar farms and whether it is a scam   The website is: Offering 2 Years Fixed Rate Account at 8.4% p.a with monthly interest payments 2 Years Fixed Rate Account at 10.20% p.a with interests paid at maturity. Does anyone have any experience with/of them? Is it a legit company or a scam? If you are prepared to lose your money then you'll be fine. It's not anything like a fixed rate savings account and there is the possibility as Blackmore and LCF investors have found that companies marketing bonds can go out of business and lose all your money. That's not to say you WILL lose your money, just to be aware that you COULD lose all your money. Any claim of offering Fixed Rates is entirely dependent on the company being able to pay the interest and capital at that point in time. Many bond offering companies have been in the situation of claiming to offer fixed or guaranteed rates but are unable to pay i

Blackmore Bond Insurance Guarantee Failed? ION/NLS Worthless Policy?

Blackmore Bond investors seem to be hanging all their hopes of recovering money on the Insurance Guarantee which is understandable given the way it was promoted in the literature. However even alongside the discussion of the guarantee the documents clearly state "Capital at risk" There are many get outs that the insurance company can use to avoid paying but based on the premium paid of £10k for £45 million of cover it is extremely unlikely that there is any chance of the company paying out any money. From the Blackmore Bonds website prior to closing in 2019 - very clear that 20% was taken from every bond Screenshot from the Blackmore Bonds website prior to closing in 2019 Excess Charges paid from your bonds For every investment made into Blackmore Bond only a fraction of it went to the company to invest in property. The rest was taken in fees, charges and interest payments. 20% was given to Surge Financial for marketing and admin 3% was given to Insurance company for the guar

Blackmore Bond Administration Update- Insurance Guarantee Invalid?

 The administrators Duff & Phelps have given their update on progress at the end of 2020 which doesn't make very good reading for investors in Blackmore Bond. With costs it looks like investors are set to lose almost all their investments. Despite Blackmore Bond having property assets these were almost all used as security for other loans and have been sold by the lenders with no surplus left for the bondholders. One glimmer of hope is the Insurance backed policies that were meant to cover investors in the event of default by Blackmore Bond. However these cannot be accessed by the administrators and will need to be enforced by the trustees on behalf of the bondholders. From reading the wording of the report it seems that there may even be a case that every investor has to apply individually for the cover on their investment. With the insurer based in Costa Rica as outlined here long before Blackmore failed this isn't likely to be an easy process. According to the contract d

High Street Group Bonds - Can I Get Money Back?

 High Street Group have apparently been failing to pay investors when their interest and repayments are due. There are a couple of places setup to try to help investors get together to recover their money You can register on the website And/Or join their Facebook group As investors in LCF have found, being able to talk with other investors in the same situation has been very valuable.

Concept Capital Group Review - Is it a Scam?

 Investment in Concept Capital Group is being promoted on Facebook and Rightmove to solicit investment in their static caravans for rental to social housing tenants via Social Park Housing. Concept Capital Group are claiming to guarantee rental income of 10% but as investors in London Capital & Finance are fully aware, this sort of guarantee is fully dependent on the company making it still being in business.  If the company fails your guarantee disappears. Concept Capital Group have only existed since 2019 so have no track record of honouring investment guarantees over the long term. If you are thinking of investing in Concept Capital Group then you may want to check how much of your investment is being paid to the introducer who signs you up. Many of the schemes mentioned here were paying 20%-25% of your investment as commission which means there is only 75% of your money ever available to invest.  Some people have suggested that they will still own their caravan and can rent it