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!

    

 

Banned directors - Guy Hemphill and Nick Stein – start up Hillgate Associates LLP

 

 

Guy Francis Hemphill (DOB: 22.3.1966) and Nicholas Martin Stein (DOB: 24.2.1956) banned from being company directors due to Land Heritage (UK) Ltd a failed land banking scheme.  Ban runs from 12th May 2010 to 11th May 2017.

See: Landbanking flop ends field of dreams

700 people hoped for an 800% return; instead, they lost a total of £7m

  

Despite being banned directors they have set up Hillgate Associates LLP (incorporated 5th May 2015), which has two branches –  Ebury Wealth and wine-traders. 

Ebury Wealth: 

 

Ebury Wealth – business and personal financial solutions 

'Additionally, Ebury is able to offer financial solutions for personal financial planning. This could range from Tax Planning to starting a SIPP. Where appropriate this draws on Ebury’s connectivity to the Wealth Management and IFA community, working with IFA’s regularly featuring in the New Model Advisor Top 100. Our financial advisors are selected not only on their investment expertise but also based on approach and attitude, to ensure that we can provide a perfect fit for our clients.

Whether you are looking to generate and sustain wealth creation in your business or to consolidate personally with financial or investment advice, Ebury Wealth offers a holistic personalised approach across a full range of financial service goals.'

Important disclaimers on Ebury Wealth site: 

'Ebury Wealth accepts no responsibility or liability for loss which may arise from accessing or relying on information or ideas contained within this site or provided by a third party as a result of an introduction from Ebury Wealth. Ebury Wealth is not authorised by the FCA and does not offer investment advice.'

'Eburywelath.com (sic) is an independent marketing website which only acts as an introducer to companies who offer Financial Advice. Companies on our network are authorised and regulated by the Financial Conduct Authority. Eburywealth.com are not authorised to give any advice and we are not liable for any financial advice provided by, or obtained through a third party.'

'personal financial solutions' – 'not authorised by the FCA and does not offer investment advice'

I'm a little confused here. Ebury Wealth LLP claims to offer personal financial solutions but is not authorised or regulated by the FCA (Financial Conduct Authority) and doesn't give any financial advice. If it really doesn't give financial advice how then can it offer 'personal financial solutions'?   

Wine Traders 

'Wine Traders was formed by a small team with both financial qualifications from the Chartered Institute for Securities & Investment (CISI) and wine qualifications from Wine & Spirits Education Trust (WSET). Our vision is to enable investors who have an interest in laying down fine wine to do so with greater transparency and better prices.'

Curiously no mention that the two officers – Guy Hemphill and Nick Stein – were directors of collapsed UK Heritage (UK) Ltd and are currently banned from being directors from 12th May 2010 to 11th May 2017.

NB: Wine Traders has no connection with Winetraders (UK) Ltd established in 1998. 

It is extraordinary that two banned directors – Guy Hemphill and Nick Stein – can set up an LLP offering wine investments and 'personal financial solutions'! 

I'll certainly steer well clear of Hillgate Associates LLP, Ebury Wealth and Wine Traders.

    

21st July 2016 – Update
Nicholas Stein resigned as an LLP Designated Member on 1st July 2016. Guy Hemphill and Stein have applied to have the Hillgate Associates LLP struck off from Companies House Register. 

11th February 2019 – update
Hillgate Associates LLP was dissolved on 20.10.2016 – voluntary strike-off. 

Guy Hemphill has written a detailed account of the events surrounding Land Heritage Ltd – its founding, philosophy, liquidation, settlement with law firm on advice given following action taken by the liquidator:

See note on CreditMan:
'The company has been in liquidation since December 2006 after the FSA intervened to stop the company trading as it was operating an unauthorised collective investment scheme by offering plots of land to the public under a land banking scheme. Since then the liquidators have successfully won damages from its former advisors which have enabled them to look to make a payment to the unsecured creditors, including plot holders who agree to return the plots of land to the company.'   

​

Walter Chase Ltd/ Hudson Chase Consultants: unapproved companies offering Pension Reviews

 Welcome to Walter Chase 

I have had a message from ZT: 'I have been approached by a company called Walter Chase Ltd who have made an offer to swop my 4 cases of mixed wine for 2 cases of Mouton Rothschild 2002.' ZT concludes their message: 'I would appreciate your advice on this as, as you can imagine, I am very cautious.'

ZT is right to be cautious. Despite its impressive looking website Walter Chase Ltd lacks substance and any track record. The company does, however, offer free pension reviews. Walter Chase Ltd does not have approval by the UK's Financial Conduct Authority to offer financial advice.  

The company was founded on 21st  October 2013 with £2 of share capital, has one director 29-year old Matthew Frederick Boatwright and is registered at 4/4a Bloomsbury Square, London WC1A 2RP – a Regus serviced office. It appears that the company failed to file its last annual return on time and on 24th February 2015 the first Gazette was published giving notice that the company would be struck off. This notice was withdrawn on 24th March 2015 after the return was filed. The company's is due to file its first accounts on 21st July 2015.

The UK pension regulations have recently been liberalised allowing people to withdraw money from their pensions from the age of 55. Walter Chase Ltd is one of a number of new companies that are offering a free pension review: 

 

From the Walter Chase website: 

'Walter Chase is a consultancy company that works in close association with some of the most credible Independent Financial Advisers in the UK.

Our dedicated consultants will help you gather a better understanding of your current pension arrangements and will ensure that they are working towards your retirement goals. Some people believe that knowledge is power, here at Walter Chase we believe the more you know about your pension the easier it is to manage - improving its ability to grow, therefore increasing your chances of a comfortable and prosperous retirement.'

'Walter Chase is an independent consultancy company that has a passion for helping clients reach there (sic) financial goals. 

The mission of Walter Chase is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride and excellence. We believe that sensible preparation at the peak of your working life will generate a healthy income for your twilight years and because it is a complicated area it is one that requires the correct help and advice.

Our knowledge and ability to perform accurately, timely, professionally and courteously is what we promise to all of our clients.

Our commitment to great service is what drives our success.

Here at Walter Chase we do not charge you for your initial pension review. You might find that you can really improve the performance of your existing pension, which could make you more comfortable in your golden years.'

'At Walter Chase we work with you to help find the best money and direct product solutions for your circumstances. We listen closely to your needs and objectives in order to find out exactly what 'you' the client need. We then take the time to find the relevant professional service provider or product to help fulfil that need.'

 

 Step 1 – Introductory Consultation 

'Explanation of Account Managers Non Adviser status and non-regulated investments'

Step 2: 'This might include introduction to professional or regulated services.'

The only important piece of information on the Walter Chase website is that neither Walter Chase Ltd nor Matthew Boatwright are approved to give financial advice by the UK Financial Conduct Authority.  

The FCA: 'We must approve an individual before they are able to conduct certain types of business, such as selling or advising on investments like personal or stakeholder pensions, life assurance policies, shares or collective investment schemes.' 

Matthew Boatwright and Walter Chase Ltd rightly point out that pensions are complicated:
 
'and because it is a complicated area it is one that requires the correct help and advice.

Our knowledge and ability to perform accurately, timely, professionally and courteously is what we promise to all of our clients.

Our commitment to great service is what drives our success.'

There is nothing to suggest that either Matthew Boatwright or Walter Chase Ltd have the necessary knowledge or experience to offer reliable financial advice. The message from ZT suggests that a pension review from Walter Chase Ltd is likely to lead to offers to invest pension money in 'alternative assets' such as wine etc.   

Anyone wanting pension advice ought to make sure they deal with someone or a company that has approval to give the relevant financial advice. Check the FCA register here. 

Matthew Boatwright is a director of three other companies –  M. Boatwright Web Development Ltd (founded 3.4.2012 with £100 share capital, business activity given as Pension Funding), Investment Broker London Ltd (founded 13th December 2013, trading address Chislehurst Business Centre, 1 Bromley Lane, Chislehurst, Kent BR7 6LH) and mostly recently Chase and Walter Ltd (incorporated on 1st May 2015; registered address: 4/4a Bloomsbury Square, London WC1A 2RP)
 
The annual return for Investment Broker London Ltd has been overdue since 10.1.2015 and there is a currently a proposal from Companies House to strike the company off presumably for non-compliance with UK company law. The annual return for M. Boatwright Web Development Ltd has been overdue since 1st May 2015.

Matthew Boatwright
Matthew Boatwright has contacted me about this post, which he believes is baseless:

'With all due respect, I believe that your whole post is based upon baseless opinions,

It clearly states on our website that we put customers in touch with the relevant people to help them, no where does it say that we offer investment or financial advice and it states that we explain our non adviser status quite clearly,

We haven't cold called anyone about their pension or offered anyone a review over the telephone and we do not offer a review we pass the business over to a regulated body.'

 

••

7th September 2016: Update on Walter Chase Ltd 

The company's accounts to 31.10.14 showed a profit of £456 after tax. The latest accounts to 31.10.15 have been overdue since 31.7.2016.

••• 

Hudson Chase Global Ltd
This is another recently formed company offering a free pension review. Hudson Chase Global Ltd was founded on 12th December 2014 as Advanced Advisory Services Ltd with share capital of £1. The company name was changed on 21st February 2015 to Hudson Chase Global Ltd. The sole director is 29-year-old John George Dawson (DOB: 10.10.1985). The company trades as Hudson Chase Consultants from 60 Cannon Street, London EC4N 6NP – a serviced office address.

Although neither Hudson Chase Global Ltd nor John George Dawson are approved by the Financial Conduct Authority to give financial advice, their website suggests that they have the knowledge and experience to offer financial advice:  

From the Hudson Chase Consultants' website: 

'Hudson Chase Consultants is a company that’s not owned by any large financial institutions. This means that the only things that influence the investment decisions we make are our own knowledge and experience, and you.

This makes us as cautious with your capital as you are yourself. 

We provide clients with access to a variety of tangible assets that we feel have long-term potential to outperform paper-based assets like stocks, shares, bonds and managed funds.'

Hudson Chase Consultants offers investments in: metal investments, overseas property, oil and fine assets – diamonds, wine and fine watches. 

Remarkably for a company that has only been trading under its current name for just three months, Hudson Chase Consultants claims in its overseas property section: 

'Our network of clients ranges from seasoned investors through to people seeking to purchase overseas property for the very first time.

Part of our strategy is having independent status. This enables us to ‘cherry pick’ by selecting our projects from our chosen business partners such as developers and master agents. We are therefore not tied to any company.

Our Property consultants are highly experienced and professional, offering the very best customer service available. It is for this reason that the majority of our sales still come from referrals, something we are very proud of and which we constantly strive to maintain.'

From the wine section: 
'The question we are asked over and over again is why invest in wine? Wine as an investment vehicle is not a new story but what has changed is the nature and factors currently influencing markets and driving prices higher. However, perhaps even more important is that the timing to enter the market is NOW!
 
'Entering a market at any time has an element of risk. The key to intelligent investment is knowing when to enter and when to exit – this is the added value we can add to your investment decision.' 

See also:

Savers warned to avoid dodgy cold-callers whose 'free pension reviews' could decimate their retirement pots
Read more: http://www.thisismoney.co.uk/money/pensions/article-2634937/Savers-warned-avoid-dodgy-cold-calls-offering-free-pension-reviews.html#ixzz3arVHF4iw

'People have been advised to ignore any text messages and emails of this nature they get, and hang up when they receive a cold-call.

Tracey McDermott, of the FCA, said: 'People should be very wary if they are contacted out of the blue by someone offering a ‘free pension review’.

'Most of the companies offering this ‘service’ are not authorised by us, and we’re concerned that the reviews often end with pension pots placed in higher-risk, unregulated investments.

'If you see or receive offers of "free pension reviews", just ignore them. If you are called out of the blue to discuss your pension, just hang up. Your pension is far too important to be put in the hands of a cold-caller.'

Piece of free advice from investdrinks: I wouldn't deal with any of these companies. Furthermore as Matthew Boatwright has assured me that Walter Chase Ltd do not give investment advice despite offering a free pension review, it would seem quite pointless to accept their offer of pension review. Better to go straight to someone who is approved to give advice. 

Update 7.9.2016
Hudson Chase Global Ltd went into voluntary liquidation on 8th April 2016 with an estimated deficiency of £15,789. 

12 COPLEY DENE BROMLEY BR1 2PW

Read more at: http://companycheck.co.uk/company/08018247

12 COPLEY DENE BROMLEY BR1 2PW

Read more at: http://companycheck.co.uk/company/08018

Financial Conduct Authority on Cold Calls: hang up chances it's a scam

Excellent and unequivocal advice from the UK's Financial Conduct Authority (FCA) on Cold Calls: 'the safest thing to do is to hang up'. 

'If you have been cold colded about an investment opportunity, the chances are it's very risky or a scam.'

Sadly advice that thousands of people who who fallen for investment scams will now wish they had heeded.

Encarta Fine Wines Ltd into liquidation: frozen bank facilities blamed

Canary Wharf – getting a reputation for scams  

Yet another wine investment company, Encarta Fine Wines Ltd, has just gone into voluntary liquidation with sums due to creditors estimated at between £3.5 to £3.8 million. The creditors’ meeting was held today at the Marriott Hotel in Bexleyheath, London.

Encarta has around £1.7 million worth of stock held at London City Bond, which is estimated to realise about £1.3 million. The pay out to unsecured creditors is estimated to be in the region of 25p-30p in the pound.

Encarta was set up in July 2009 with 35-year-old Dean Doughty and 39-year-old Matthew Hart as directors.

The liquidator, Nedim Ailyan of Abbott Fielding, says that the directors have blamed the collapse on their bank, HSBC, freezing their banking facilities for four months.

Ailyan said: “Because of concerns about the level of commodity fraud I believe that the Financial Conduct Authority has been asking banks to investigate commodity asset investment companies that might have suspicious transactions. Although I have already seen this happen with companies selling other commodities, this is the first time this is said to have happened to a wine investment company.”

It is thought that Encarta’s banking facilities were frozen earlier this year and were then unfrozen once the four-month investigation was completed. It is not known whether Encarta continued to trade while their banking facilities were frozen .

(More to follow)

 

•

Abbott Fielding are currently handling the liquidation of several wine investment companies including Canary Wharf Vintners Ltd, which went into liquidation on 23^rd July.

Formed in May 2006 the company changed its name from Strategic Land Acquisitions Ltd in September 2010 to Canary Wharf Vintners. The sole director is 55-year-old Enver Deen.

The deficit is thought to be less than £500,000 with only some 20 creditors. The major creditor is an elderly woman, who is owed some £200,000. She is believed to have been caught by a number of other wine investment firms and subjected to repeated hard-sales tactics.

Deen is currently offering wine investments as well as art, diamonds, land and metals through Belgravia Alternative Assets Ltd. He is the sole director.   

 

Stanford Barclay Ltd – another company I won't touch with a barge pole

Stanford Barclay: home page 

The home page of Stanford Barclay is certainly upbeat: 

 

'Welcome to Stanford Barclay

Stamford Barclay are a company who have drawn together the expertise, experience and skillsof a number of specialists and consultants from across Europe.

We act as the broker arm* of our industry partners.

Our aim is to introduce potential investors and to provide both knowledge and information, showing exactly how and why right now is the optimum time to take a fresh look at a range of commodities.'

Sounds impressive! However, Stanford Barclay Ltd was only set up on 19th September 2013 and has one sole director 28-year-old Billy Stevens, although the share capital is claimed to be £1 million.

Stamford Barclay offers investments in gold and natural rubber. Looks as though they also offered investment opportunities in graphene but moved out once the FCA issued a warning about the dangers of investing in graphene at the end of December 2013. Instead Stanford Barclay Ltd is now pushing investments in gold and natural rubber.

From Terms & Conditions-graphene: Stanford Barclay Ltd

'Prices of graphene/graphite are indicative only and are based on current exchange rates. The value of the graphene/graphite may go down as well go up and you may not get back the original amount invested. All investments, including trading in graphen/graphite carry risk to varying degrees. However, you may also benefit from any possible upside to the investment. Any returns shown or suggested are a projection only and cannot be guaranteed. Stanford Barclay have diligently researched the graphene/graphite market to attempt to reduce risk.'

Curiously there is now no mention of graphene on the Stanford Barclay Ltd site – perhaps it disappeared after the FCA (Financial Services Authority) warned on 30th December 2013 of the dangers and disadvantages of 'investing' in graphene – this despite Stanford Barclay's 'diligent research'! Instead they are now punting gold and natural rubber plus a wine broking service. 

Warning by FCA about Brinkmann-May Ltd 

The sole director of Stanford Barclay Ltd is 28-year-old Billy Stevens. He has also been a director, since 24th October 2011, of Brinkmann-May Ltd. On 4th February 2013 the FCA (Financial Conduct Authority) warned that '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'. The other director of the company is Richard Peter Jobling.

Brinkmann-May Ltd punted investments in carbon credits. The company is now in the process of being closed down by Companies House for non-compliance as the latest accounts are overdue since 30.9.2012 and the annual return since 10.5.2013.

 Brinkmann-May Ltd details@Companies House  

  

As well as investments in gold and natural rubber, Stanford Barclay Ltd also  'offers free Cellar Valuations, a service which allows fine wine collectors to ascertain the true value of their cellars.'

  'For more information on selling your wine through Bordeaux Index, 
or for a free valuation, please email admin@stanfordbarclay.com'

Why a long established and reputable company like Bordeaux Index Ltd would want to be publicly associated ('as one of our industry partners'?) with Stanford Barclay Ltd, with its highly dubious pedigree is a considerable mystery. It is quite possible that Bordeaux Index Ltd is unaware of this claim on Stanford Barclay's website and also unaware for the warning issued by the FCA against the associated company – Brinkmann-May Ltd. (*18.4.2014 – see below.) 

I understand that Stanford Barclay Ltd may be having problems finding a bonded warehouse prepared to accept their custom. Billy Stevens was told by Private Reserves Ltd that they certainly didn't want their business. Stevens told Private Reserves that Octavian Vaults, with whom they have had an account, has now told them to take their business elsewhere.

This looks to be an encouraging sign that bonded warehouses are becoming much tougher and wary about accepting dubious wine investment companies. A tough stance by the warehouses would certainly be in their interest as these wine investment scams do nothing for the reputation of bonded warehouses as the fleeced punters often assume, entirely incorrectly, that the warehouses are part of the scam. Furthermore when the company disappears, goes bankrupt or is closed down then this involves the bonded warehouses in a lot of unpaid work trying to sort the mess. 

      

An offer I would happily refuse!    

  
I fear that Stanford Barclay Ltd seeks to persuade investors to sell their wine, which does have value albeit currently lower than it has been, in exchange for dubious or worthless investments in gold, natural rubber, graphene or whatever Billy Stevens decides is the investment of the moment to punt.  

18.4.2014: Twitter conversation: 'Arrangement' with Stanford Barclay Ltd news to Bordeaux Index:

Jim: 'Can I assume this is news to you, please?'

17.4.2014

Bordeaux Index: 'yes, Jim. We are looking into it. 

Thanks for bringing to our attention.' 

18.4.2014

***

Further utter rubbish from Billy Stevens's Stanford Barclay Ltd courtesy of Junior Broker:

Job opportunities@Stanford Barclay 

through Junior Broker 

The above ad includes the following ludicrous claims – time the FCA issued another warning over a Billy Stevens company:  
 

'FINANCE

We help investors with flexible payment terms to enable them to liquidate other assets and invest with us.

TRANSACT

We transact for our clients in all key financial markets, including equities, bonds, currencies and commodities, so that capital flows, jobs are created and economies can grow. Please note all monies are sent to and FCA escrow for client satisfaction.

SUPPORT

We help markets remain efficient and liquid, so investors and companies can meet their needs, whether to invest, raise money or manage risk.

MANAGE

We preserve and grow assets for institutions, including mutual funds, commercial funds and foundations, as well as individuals.'

•••

 

6th May 2014: As far as I can see all mention of wine has disappeared from Stanford Barclay's website.