Basset & Gold - Is it Genuine or a Scam Bond Investment?

By J Drew -
Basset & Gold are promoting a Bond Investment via Facebook that claims to be FCA regulated & authorised. This is exactly the sort of misleading promotion that the FCA have listed in their letter to companies today.

https://www.fca.org.uk/news/news-stories/dear-ceo-letter-financial-promotions

Basset & Gold is not FCA authorised to offer investments/bonds to the public. It is only authorised to offer corporate finance to commercial companies.

Make sure you are fully aware that there are 2 parts to Basset & Gold. The company that runs the promotion is B&G Finance Ltd and the company that sells the bonds is Basset & Gold plc. B&G Finance Ltd is FCA registered,  Basset & Gold pl is NOT so the bonds are NOT FSCS protected

https://www.bassetgold.co.uk/investor-information/fscs-coverage

Read the details VERY carefully as the situation is very misleading. You are not protected by the FSCS if the bonds fail.

If you are buying a bond from Basset & Gold because you think it is safe, risk free and protected then you are at risk of being ripped off and seriously putting your money at risk of loss. Look at the example of London Capital & Finance where investors are now waiting to find out how much money they have lost.

Basset Gold Scam Bond Investment?
Is Basset Gold genuine or a Scam Bond Investment?

Comments

  1. Anonymous4 February 2019 at 09:18

    If you look on the FCA register ( https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000003z4JIjAAM ), B&G has permission to arrange deals in debentures (which includes bonds) for retail clients. Corporate finance activity includes acting for issuers of and investors in securities, such as bonds. The FCA rules ( https://www.handbook.fca.org.uk/handbook/GEN/4/Annex1.html ) stipulate the precise wording firms need to use in disclosing their regulatory status, which is "authorised and regulated by the Financial Conduct Authority". I think your scam detector needs re-setting.

    ReplyDelete
    Replies
    1. J Drew4 February 2019 at 13:52

      I think the scam detector is in perfect running order. The promotion is extremely misleading as Basset & Gold is not FCA registered according to their own website. The company that is registered is B&G Finance but the bonds offered are NOT FSCS protected

      Delete
  2. Karlito14 November 2019 at 11:58

    Basset and Gold are a very good company. I have had investments with them for a couple of years now. I cannot fault them. If you look for flaws you can find them in any company. I think you should be more positive in your reviews instead of slating good companies.

    ReplyDelete
    Replies
    1. J Drew14 November 2019 at 15:02

      Did you see all the positive reviews for LCF from happy investors before they went bust? They thought LCF was a very good company too

      Delete
  3. Anonymous10 December 2019 at 06:14

    looks like its going downhill now

    ReplyDelete
    Replies
    1. Unknown1 April 2020 at 16:01

      It's bust now.

      Delete
    2. Anonymous11 April 2020 at 04:11

      "Basset and Gold are a very good company. I have had investments with them for a couple of years now. I cannot fault them."

      Ooops Unknown - that was a bad mistake then!!! Perhaps you should never again "tip" a company or a companies products as you clearly are not a qualified person!

      Delete
  4. John Doe18 December 2019 at 02:41

    Looks as though they have pulled out of the UK and you can now only invest via UAE and Saudi Arabia via a new website called bassetgold.com


    ‍
    To date, The Basset & Gold Group has used the vast majority of Bond proceeds to finance a large facility agreement with an FCA-regulated short-term consumer lender in the UK. BG Global Limited (and its Bondholders) being part of the Basset & Gold Group benefit from a corporate debenture over all of the FCA-regulated lender’s assets, including tens of thousands of individual loans. BG Global Limited provides the lending facility through an associated Cypriot company: River Bloom Ltd. (registration number: 152541). BG Global Limited holds a corporate debenture over the associated company’s assets and the associated company holds a corporate debenture over the regulated lender’s assets.
    ‍
    Our rigorous investment process, carried out by our skilled investment team, includes in-depth financial analysis, legal and accounting checks as well as corporate and procedural checks. Our investment team comes from leading financial services and investment firms and are dedicated to making investments that give you access to attractive profits and security levels. Our investment team is always looking at new opportunities, however, we will always prioritise investment quality over diversification and would never dilute quality in order to have a broader range of investments.

    Our standard investment process includes various steps to help safeguard investment capital, including:
    Initial opportunity filtering
    Review of historical loan book performance
    Evaluating current loan book
    Evaluating underwriting procedures
    Corporate due diligence including accounting and legal sign-off
    Determining applicable assets to secure the facility
    Preliminary internal authorisation by the credit team
    Agree final legal contracts
    Basset & Gold board authorisation
    Funding provided

    ReplyDelete
    Replies
    1. J Drew18 December 2019 at 06:36

      Thanks for the update. LCF claimed to have a similarly rigorous process for lending money but the reality was very different. Lets hope Basset & Gold are running their business in a better way.

      Delete
  5. Anonymous1 April 2020 at 05:01

    basset gold has just entered into adminstration

    ReplyDelete
  6. Unknown1 April 2020 at 16:00

    Looks like it was a scam after all. Happy April Fools, but it's no joke.

    ReplyDelete
  7. Budd Fox5 April 2020 at 15:22

    The writing was on the wall from the time I placed all the documents about the company squarely on the desk of the FCA.
    That was back in Nov 2017. It's taken until now to be vindicated. What did the FCA do with this information during this time? They waited out until LCF did most of the things I cited BG were doing before they restricted promotion to Qualifying Investors. The FCA were FULLY aware that most of the money had been placed with a Payday loan company with close connections with BG. Indeed half the staff at BG came from Uncle Bucks payday loan company.

    ReplyDelete
    Replies
    1. Budd Fox10 April 2020 at 06:57

      Basset & Gold director Dror Sordo was part of a company that was sanctioned by the SEC (US regulator) for misselling of Binary Options.The fine was 1,500,000 USD in 2016. This was a few months before Basset & Gold set up in the UK. Was certified as a "Fit and Proper Person" by the authorities, to introduce B&G's Bonds to the UK market.

      Delete

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