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Tuesday, 2 August 2016

Global Escrow Exchange – claiming to have clients' assets from Encarta Fine Wines'


Message from TB:
'I received a call yesterday and again about 10 minutes ago from a one Mr.Alan Accott who says he is with “GLOBAL ESCROW EXCHANGE”, their registered Office in Harrow and Trading Office in Central London. They have a telephone number 020-7310 8461, and another one 0304-2398.

I was one of the customers at Encarta Wines (now in liquidation) and these guys maintain my wine portfolio was sold and is now held in “Escrow”. The figure they say is being held is £64,644.39 and to receive this money I have to pay £3,232.06 “holding fees”.'
 
Global Esrow Exchange is not a UK registered company. Its contact address is 27-28 Clements Lane, London EC4N 7AE. This is a Regus serviced office and meeting room block in the City of London.  

Global Escrow Exchange claim: 'we are dedicated to providing quality service and personal attention to each customer. Asset transactions require a tremendous amount of technical experience and knowledge. Our staff has gone through extensive training to manage the finite details and to ensure a successful closing. Since opening our doors over 60 years ago, our financial strength is unmatched and we've become the UK's leading provider of escrow and settlement services. Selecting the right escrow and settlement company is essential to the success of your asset closing. We are the single best source of all your escrow and settlement needs and look forward to working with you. 

Rather curiously for a company that 'opened its doors over 60 years ago', Global Escrow Exchange only registered their website on 19th May 2016 – see below. I spoke to Carol Hooper of Abbott Fielding, who are the liquidators for Encarta Fine Wines Ltd. She had never heard of Global Escrow Exchange.....



TB decided not to send £3,232.06 in holding fees to Global Escrow Exchange. Instead they have contacted Action Fraud. Clearly TB wasn't convinced by Global Escrow Exchange despite receiving a Barclays bank giro credit slip showing £64,645.39 and a Deposit Account Statement on an Excel file. 

I have to agree with TB. Also I have to wonder whether this escrow company doesn't come under the remit of The Financial Conduct Authority (FCA)

Update: 20th November 2016
Global Escrow Exchange has indeed come to the attention of the FCA, who issued a warning against this company on 16th September 2016.

FCA: 
'We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.' 16.9.16

You have been warned!

    

 


7 comments:

  1. This company is backed up by a legal department which helps them to appear to be on the right side of the law. However they are a scamming company and will strip your assets after you've paid them to recover for you. Having paid them to recover your asset they will hit you with another payment for the taxes they need to pay before they can release the funds to you.

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  2. Thanks Anon. The FCA has warned against this scam company – see update (20.11.16) above.

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  3. I have spoken to half a dozen representatives from this company and they are all the biggest lying shits you are likely to come across in this life. They even carry an excuse for the FCA's warning which they will try to explain while they make extra effort to wipe your bank account clean. They have offices so why does the law allow these assholes to continue screwing folk when they should be all put away for lengthy sentences.

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    1. The company is Peterborough is noted but I need this to be backed up before I post your comment please. Thanks.

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  4. Anon. Thanks for your comments on the business front. Do you have proof of this please as looking at the records at Companies House this is not clear.

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  5. Anon Can you scan the correspondence and email it to me please? You will remain anonymous.

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  6. Anon – understood. I'll look out for the email. Jim

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