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Thursday 9 January 2014

FCA warns on Graphene investments + Mayfair Worldwide Trading Ltd

Logo of the Financial Conduct Authority

The FCA (Financial Conduct Authority) issued a warning on 30th December 2013 about graphene investments:

'Graphene

Published: 30/12/2013   Last Modified : 02/01/2014
We are concerned about investments involving a man-made material called graphene. Find out more and how to protect yourself.

We are receiving many reports from people who have been offered investments in graphene, which is a type of carbon that may one day be used in display screens, electrical circuits and batteries. 

Why are we concerned?

We first uncovered this issue when we found evidence of a 'graphene investment firm' on the computers of a suspected boiler room. So we believe that the same firms that have sold other high risk, dubious products such as carbon credits, rare earth metals and overseas land and crops, are now trying to sell graphene.'

The full warning from the FCA is at the end of this post. 

•••



The FCA warning is very timely as just before Christmas a putative client of Mayfair Worldwide Trading Ltd passed me a contract from the company. The contract was an agreement to exchange wine for graphene:




Mayfair were kindly offering to exchange a half case (6 bottles) of 2006 Lafite Rothschild and a full case of 1996 Léoville Las Cases worth around £4800-£5000 for £6800 worth of graphene. Mayfair explain that: 

'At Mayfair Worldwide Trading Limited we have introduced an Asset Exchange program renowned within the city of London. We are currently undergoing a multi-million pound asset exchange program to innovatively get investors out of their under-performing assets with ease and efficiency.' 

I may be risk averse but if I had some 1996 Léoville and 2006 Lafite I would hang onto the wine, even though top Bordeaux has not performed well over the last couple of years. See Liv-ex blog here and Decanter here. Past experience suggests that in time the prices of these wines will increase and that wine should be seen as a medium to long term investment. So why would I want to take the risk with graphene even though Mayfair Worldwide Trading Ltd are kindly offering to exchange £6800 'worth' of graphene for wine worth less than £5000?

What in any case would I do with £6800 worth of graphene? Who would want it? The FCA point out that: 'Manufacturing companies that use the metals almost always buy them in very large quantities, making it highly unlikely they will deal with small independent retail consumers.'

Mayfair Worldwide Trading Ltd
Trusted Worldwide

What of Mayfair Worldwide Trading Ltd? Their glossy website claims that they are 'trusted worldwide' and that:

'With the combined knowledge and experience of our dedicated team of advisers, wealth managers and analysts we believe that we are the market leaders within the commodity sectors, we have an array of products ranging from Gold and Oil to Diamonds and Graphene.

We believe client relationship is key and that is the main cornerstone of our business, we work with many institutions and individuals to always ensure we are setting the highest standards possible.

For all of your alternative investment needs look no further than what our services can provide, our advisors are here from Monday to Friday to fully consult to your investment needs.' 

For a company that was only founded on 14th August 2013 to have become  'trusted worldwide' in less than five months and to be 'the market leaders' is a truly remarkable achievement! The genius running this company is 32-year-old Adam Edwards – amazingly for someone so talented this is his first directorship. 

Under the heading 'Risk Warning' Mayfair Worldwide Trading Ltd warn that 'The information contained in this website is not intended to constitute and should not be construed as, investment advice. Wise words from Adam Edwards, which I'm pleased to say the putative investor heeded and decided to hang onto his wines and not transfer them to Mayfair Worldwide Trading Ltd's account. His wines had been purchased from European Fine Wines Ltd and he had told them that he wanted to sell them.

I shall heed Adam Edwards' warning and steer clear of his Mayfair Worldwide Trading Ltd as his company is not qualified to offer investment advice. Nor are they registered with the FCA, so no protection from the Financial Services Compensation Scheme.  

•••
  

'Graphene

Published: 30/12/2013   Last Modified : 02/01/2014



We are concerned about investments involving a man-made material called graphene. Find out more and how to protect yourself.

We are receiving many reports from people who have been offered investments in graphene, which is a type of carbon that may one day be used in display screens, electrical circuits and batteries. 

Why are we concerned?

We first uncovered this issue when we found evidence of a 'graphene investment firm' on the computers of a suspected boiler room. So we believe that the same firms that have sold other high risk, dubious products such as carbon credits, rare earth metals and overseas land and crops, are now trying to sell graphene.

Manufacturing companies that use the metals almost always buy them in very large quantities, making it highly unlikely they will deal with small independent retail consumers.

It has been reported to us that callers promoting investments in graphene are using dubious, high-pressure sales tactics and targeting vulnerable consumers. There is a strong possibility of fraud with graphene because it is unregulated and it is difficult to confirm that you have bought the genuine product.


Protection when investing 
Remember: if it sounds too good to be true, it probably is!

Most firms promoting and selling investments graphene are not authorised by us. We strongly advise you to only deal with financial services firms that are authorised by us, and check our Register to ensure they are.

If you buy an investment product from a firm that is not authorised by us, you will not have access to the Financial Ombudsman Service (ombudsman service) or Financial Services Compensation Scheme (FSCS) if things go wrong.

This also means you will not be able to take your case to the ombudsman service or FSCS if you cannot sell or trade your investment in rare earth metals.

You should also search our list of unauthorised firms to avoid doing business with, although the names of the firms are likely to change regularly.

There are more steps you can take to keep your savings safe – find out how to protect yourself from investment scams.

You can also find out what to do if you think you have been scammed.

25 comments:

  1. Dear Jim

    have a look at this company's wine prices

    Noble Vintners
    http://www.noblevintners.co.uk/index.php?id=28
    what do you think

    ReplyDelete
  2. Anon. Thanks will take a look. Jim.

    ReplyDelete
  3. According to their figures Noble Vintners have more right to call themselves the UKs fastest growing wine investment company that Shakeshaft's Vin-X. At least they grew in 2013 (unlike Vin-x that shrunk!)

    ReplyDelete
    Replies
    1. Sounds like someone who works for Noble, or judging by there very un-noble prices, they should have given them selves a different name

      Delete
  4. Type Date Description Order
    Document AA 20/11/2013 30/06/13 TOTAL EXEMPTION SMALL

    Document TM01 10/07/2013 APPOINTMENT TERMINATED, DIRECTOR SONNY SOPER

    Document AP01 10/07/2013 DIRECTOR APPOINTED MR DAVID COOPER

    Folder AR01 18/06/2013 08/06/13 FULL LIST

    Capital Statement Icon LATEST SOC 18/06/2013 18/06/13 STATEMENT OF CAPITAL;GBP 1

    Document AA 27/02/2013 30/06/12 TOTAL EXEMPTION SMALL

    Document AR01 18/06/2012 08/06/12 FULL LIST

    Document AD01 18/08/2011 REGISTERED OFFICE CHANGED ON 18/08/2011 FROM
    9 THE SQUARE
    LOUGHTON
    ESSEX
    IG10 3FE
    UNITED KINGDOM

    Folder NEWINC 08/06/2011 CERTIFICATE OF INCORPORATION
    GENERAL COMPANY DETAILS & STATEMENTS OF;
    OFFICERS, CAPITAL & SHAREHOLDINGS, GUARANTEE, COMPLIANCE
    MEMORANDUM OF ASSOCIATION

    Information Icon MODEL ARTICLES 08/06/2011 MODEL ARTICLES ADOPTED: PRIVATE LIMITED BY SHARES

    ReplyDelete
  5. Amusing to find fundamental spelled `fundermental' on Mayfair's website. Beware of anyone associating themselves with Mayfair... whose money is financing this? They have been calling me every day... desperate?

    ReplyDelete
  6. Thanks John. You are not the only one they have been calling. They are still trying to persuade the putative client mentioned above despite being told they weren't interested.

    ReplyDelete
  7. Jim, I don't believe that the FCA have issued a warning on Mayfair Worldwide Trading? I also do not understand why this would be, I HAVE had dealings with Mayfair and I HAVE received profits back? Please can you make me aware if there actually anything I should be worried about?

    ReplyDelete
    Replies
    1. John. I haven't suggested that the FCA have picked out Mayfair. The FCA has, however, issued a general warning about investments in graphene. As you have supplied no details of your trade and profits it is not possible to comment on your particular case.

      Delete
  8. I've just been offered £60,000 by Mayfair Worldwide Trading Ltd for my wine that was recently valued at £45,000.
    But I don't get cash for it, I get it back in gold which apparently I can sell right away.. Alarm bells are ringing, can anyone advise??

    ReplyDelete
    Replies
    1. Just decline their kind offer!

      Delete
    2. Interesting to see that they appear to have switched from graphene to gold.

      Delete
    3. I have declined but they keep calling. I asked why they are offering more than the wines are worth; they say they have a buyer in China who only buys is blocks (not exact wording).
      I've just searched their office address,23 BERKELEY SQUARE is a virtual address. Which seems to be the same for every scam company that contacts me trying to sell carbon credits or coloured diamonds in exchange for my wine.

      Delete
    4. They said I could visit the office, provided I gave a few days notice. I went there and have ended up signing a contract saying they will no pay me the £63,000 in cash once I have transferred the wines to them. They seem OK to me but family are warning me not to trust them. How do I make sure they pay me once my wines have been transferred?

      Delete
    5. Anon. You have to make sure that Mayfair transfer the £63,000 into a neutral account before you transfer your wine. Get advice from your bank on how to do this and what are the safeguards before you transfer the wines.

      Delete
  9. They are very dodgy! Don't risk it!

    ReplyDelete
  10. Jim,

    I work in the wine industry and recently valued a former-BFW client's wine at c.£160k (which they'd paid around 100% markup for from memory). A disturbing recent phone call to them revealed that they'd been convinced to send all wines to Mayfair Worldwide Trading in exchange for some cash back and (by the sounds of things) some money into 'graphene'. The person in question was supposed to receive the cash back nearly a month ago and has been unable to get any response beyond a receptionist with regards to when she can expect a penny. Having contacted somebody at LCB (Vinotheque), I was informed that the wines had gone into from the owners account into another (Mayfair's) account and then transferred out within "a few days".

    Extremely dangerous company based on the information I've been passed!

    ReplyDelete
    Replies
    1. Thanks Anon. Certainly a sorry story! I'm astonished that this investor handed over their wine to a company, who presumably cold called them. Nor do they appear to have done the necessary due diligence.

      Delete
  11. Have Carried out some research into this company and appears there are more than a few concerns here....

    Buyers Beware...

    They have put themselves on a number of "free press release sites" including


    I would not believe this for one second should you be sent this as some sort of link - Author Edward Adams!!!

    A free press release service

    http://www.briefingwire.com/pr/mayfair-worldwide-trading-celebrates-by-donating-money-to-charity

    Has anyone ever heard of the IDTimes Trading Awards???
    What about the "Best Asset Exchange Programme"?

    http://www.prlog.org/12266148-mayfair-worldwide-trading-ltd-wins-best-asset-exchange-programme-award.html

    Complete Rubbish - please do not fall for these things.....

    Do not transfer any of your assets to them.... Or anyone offering you a similar service to this - it is absolutely ridiculous.... It is bad enough finding out that what you have is worth half of what you paid for it without someone trying to get you to swap what you have left for a piece of useless paper!

    Always speak to a professional and make sure you have money in your account before doing anything...


    Buyers Beware -

    ReplyDelete
  12. There is an ib times trading awards but can find no mention of an ID Trading awards.

    ReplyDelete
  13. The IB trading awards is owned by IBT Media is a US financial marketing company.... Maybe the person who wrote "fundermental" on their website made a mistake with this and thought it would give them credibility!

    ReplyDelete
  14. Noble Vintners have contacted me offering 20% above my purchase price for my whole portfolio (despite the value being down since I bought it) because they were acting as broker to Sanpower who "own House of Fraser and Hamleys" (the latter not quite true) and want to have a £10m wine portfolio.
    The catch, I had to buy Pontet Canet 2009 which has "recently been scored 100 points" (aka over three years ago) for £2,000 a case - roughly a 45% mark up on the current market value of that wine.
    I know to run a mile but wanted to highlight this scam to others before it is too late.

    ReplyDelete
  15. HELLO MY NAME IS COLIN I WAS SCAMMED BY MAYFAIR WORLD TRADING BACK IN DEC 2013 IS THERE ANY WAY YOUCAN CLAIM ANYTHING BACK

    ReplyDelete
  16. Colin. As the company was dissolved by compulsory strike off on 28th April 2015 it is unlikely that you will be able to claim anything back. There might be a chance if criminal proceedings happen to be brought against the directors but I have no idea whether the police are investigating this company and its directors.

    ReplyDelete
  17. Does anyone have any further background on Noble Vintners?

    ReplyDelete