London City Bond (LCB) issue warning on Portcliffe Capital Ltd

 'Portcliffe Capital is an active asset manager'

active only since company changed name on 10th December

'long term performance responsibily' Grade 1 rubbish

Filings with Companies House – Daniel White appointed 9.12.2014, 
company named changed on 10.12.2014
 

Below is a letter recently emailed by LCB Vinotheque to their customers warning about a George Harris (doubtless not his real name) and Portcliffe Capital Ltd. Harris is claiming to work for LCB and Portcliffe Capital Ltd is just another scam company claiming to be able to sell wine for investors. Instead once the wine is transferred they make the wine disappear leaving the all too trusting investor empty-handed.

Other companies playing this popular scam include Lewis Samuels' Samuels & Parker Ltd and Leon Brown's Bordeaux Exchange Ltd. Both companies target ex-clients of bust European Fine Wines Ltd.       

'Dear Customer

I wish to update you further regarding our recent communications concerning attempted scams being experienced by some of our customers.

We have recently received reports that some customers have been contacted, by telephone, from an individual claiming to be a George Harris who works for LCB, recommending they sell their wines through a company called Portcliffe Capital.  They claim the contact at Portcliffe Capital to be Darren Reid, who can be contacted on 0203 633 3174. Please be aware that LCB are not making these calls and would never approach our customers to offer to buy wine or act as an agent in such matters.

Furthermore, another wine investment company to avoid - DSL Fine Wines Ltd, based in Bromley, Kent, and the Director is Daniel Southey.  We wish to confirm that we have not, and will not, have any dealings with them.  For more information please visit Jim Budd's blog http://investdrinks-blog.blogspot.co.uk.
Again, we would encourage you to be extra vigilant, and if in doubt about any matter relating to your account, our dedicated Customer Services team, here at LCB Vinotheque, can be contacted on 0843 659 3617 or vtcustomerservices@lcb.co.uk.

Regards

David Hogg
Sales Director'

Portcliffe Capital Ltd has a share capital of all of £1. The sole director is Daniel White (DOB: 1975) of 1 Kingsley Road, Croydon CR0 3NP.

1 Kingsley Road Croydon England CR0 3NP

Read more at: http://companycheck.co.uk/director/919333462

1 Kingsley Road Croydon England CR0 3NP

Read more at: http://companycheck.co.uk/director/919333462

Below the only part of Portcliffe Capital's website that you need to read:

Disclaimer:

Portcliffe Group is a limited Company. Registered in England and Wales Company no (8327546). Trading financial products entails a considerable risk factor and is therefore not suitable for every investor. You should carefully consider your financial situation and understand the risk (seeking independent advice if necessary) prior to making any investment. Portcliffe Group is not Authorised or Regulated by the FCA.*

 *FCA: Financial Services Authority

 

 
 

Bonds against the Scammers

Representatives from EHD and London City Bond (LCB) met with me on Tuesday 21^st April in Central London to discuss launching a new initiative – Bonds against the Scammers. In particular they will now be sharing information with each other and investdrinks about scam wine investment companies. 

Although in competition with each other, EHD and LCB are committed to making life difficult for wine investment scammers. This is certainly business that they do not want.

It is not wanted because wine should be enjoyable and they do not want to see their customers being ripped off. It is also not wanted because when things go wrong and the scam company goes bust or disappears, then it is usually the bonded warehouse that is left to pick up the pieces. Left to deal with understandably upset and irate investors, who may often have sunk a significant proportion of their life savings into wine they either doesn’t exist or for which they have been charged far too much.

Although the bonded warehouses are not in any way part of these scams, it is not surprising that some defrauded investors unfortunately assume that the bonded warehouses are somehow part of the scam.

HMRC (HM Revenue & Customs) and the money laundering regulations require bonded warehouses to carry out due diligence on customers wishing to open accounts. It is clear that these regulations put the emphasis on those wanting to open accounts to prove that they are legitimate.

LCB and EHD already do refuse to open accounts for companies they consider dubious as well as closing or freezing accounts of companies or individuals whose accounts arouse suspicion.

Often scammers refused an account at one bonded warehouse will apply to another bonded warehouse in the hope of slipping through. EHD and LCB agreeing to share information on companies and individuals refused an account or who arouse suspicion will make life more difficult for the scammers.

The bonds will also exchange information on their due diligence procedures and see how far these can be coordinated.  

We hope that other bonds especially other third party warehouses like Octavian will join in this initiative. 

DSL Fine Wines Ltd – another 'wine investment' company to avoid!

DSL – leading wine merchant!!

average returns of 18-28% pa !!!

'We use the specialist wine storage facilities of Vinotheque'

Not so! No DSL account at Vinothéque - part of LCB   

Formed as recently as 28th January 2015 DSL Fine Wines Ltd is yet another 'wine investment' company we could well do without. Being a 'leading wine merchant' after less than three months trading is decidedly impressive – if a tad unlikely!

The company is run from a residential address in West Wickham – slightly to the west of Bromley. The sole director is 26-year-old Daniel Southey (DOB: 11.11.1988). On his DSL website Daniel Southey falsely claims that the company has an account at Vinothéque, part of London City Bond and that they offer two years free storage there. Neither DSL Fine Wines Ltd nor Daniel Southey have an account at Vinothéque. Indeed David Hogg, sales director at LCB and who runs Vinothéque, has never heard of Daniel Southey or DSL Fine Wines Ltd.

DSL Fine Wines Ltd claims that wine investment will bring you long-term returns on average of 18-28% per year. A quick look at the Liv-ex indices will show that this is complete rubbish and a cynical attempt to mislead potential investors.   

The DSL Fine Wines Ltd cellar plan is an exact copy of that of Berry Bros & Rudd, who have been informed and who will be taking the appropriate action. 

Trading Standards should note that the DSL Fine Wines Ltd website (registered on 8th February 2015) carries no Terms & Conditions. 

Daniel Southey's CV: from hair stylist to alternative investments thru diamonds etc.

 Daniel Southey CV: hair stylist with Antonio – 

senior sales executive with MC Investment Professionals Ltd – CEO DSL fine wines

 Daniel Southey – diamond broker, hairstylist

 Daniel Southey: senior sales executive at mc investments

 MC Investment Professionals Ltd: 

Founded 14.9.2012, dissolved 30.12.2014

brochure claimed to offer financial advice pensions etc. 

Neither Bromley based company nor individuals on FCA approved register 

Fortunately the company was short-lived

Flying pigs territory: 'We have long-standing experience 

in all aspects of investment consultancy.'

I would not touch DSL Fine Wines Ltd with a very long barge pole. 

         

  

APW Asset Management in liquidation: possible appointment of liquidator

Now that APW Asset Management Ltd has been wound up in the public interest I expect that the Insolvency Service will now seek to appoint an insolvency practitioner to wind up the company and do the necessary investigation. This this case it will be important that, if an independent practitioner is appointed that they do a thorough investigation into not only the running of APW Asset Management but also to discover who is behind Big Wine Company Ltd, the chief shareholder of APW Asset Management Ltd and what links there may be to other wine investment companies.

See here.

As previously I have agreed to post the following notice for the information of creditors of APW. If there are other insolvency practitioners who also wish to be appointed liquidator of APW, I will be happy to post notices from them, too.   

Message from David Ingram of Grant Thornton  
'Following the winding up of APW Asset Management Ltd it is likely that the Official Receiver will convene a meeting of the company’s creditors to appoint an independent Insolvency Practitioner as liquidator of APW.  At the time of writing the date for the creditors’ meeting has not been set.  The appointment of the independent liquidator will be based upon the value of creditors supporting the nomination of that Insolvency Practitioner.  I am aware that David Ingram of Grant Thornton is seeking the appointment as liquidator in this case; David and his team have dealt with a number of fraudulent wine investment companies, notably Bordeaux Fine Wines Ltd and Fine Wine Vintners Ltd.  David specialises in contentious insolvency appointments – those cases that require a thorough investigation as to the background of the insolvency and the dealings of the directors of the company. David’s email address is david.ingram@uk.gt.com and has advised me he is happy to answer queries from creditors of APW.'