Privilege Wealth

Privilege Wealth’s “low-risk, high-return” investment scheme swindled more than £40 million from investors, who were offered “insured” annual returns of 12% that would purportedly come from investment in payday loans offered by the Sioux Tribe in the USA. After OffshoreAlert revealed in October 2016 that it was a scam masterminded by Spain-based British fraudster and disqualified company director Brett Jolly, new investment fell by 85% from £494,000 to £76,000 per month, according to the company itself in a libel action that it filed against OffshoreAlert's publisher at the High Court in London, which he did not defend because foreign libel judgments are unenforceable in the U.S. under the SPEECH Act, which was introduced in 2010 to combat Britain's crime-friendly defamation laws. Demonstrating why the Act was needed in the first place, British judge Richard Davison, a.k.a. "Master Davison", stated in his default judgment that Privilege Wealth’s scheme "is far from being a fraud” and that he needed to issue “a substantial award, both to compensate the claimant and to provide a public marker that the allegations were untrue” to deter existing investors from requesting “early redemption” and, presumably, new investors from investing. We hope that no-one listened to Davison's nonsense but it became moot a mere 22 days later when Privilege Wealth’s scheme was suspended after the head of its Panama call center was shot and wounded in what Davison might have described as “far from being an attempt to kill”. Given the crude nature of Privilege Wealth’s fraud and that it was targeting British pensioners, Davison’s comments were particularly reckless and irresponsible. A special mention also to one of the English lawyers who represented Privilege Wealth in its libel action … Jonathan Coad, a self-described “committed Christian” who, nevertheless, took on a client that was in breach of at least two of the 'Ten Commandments'. Divine justice was done, however, when Privilege Wealth apparently didn't pay its legal fees, causing Coad's employer, law firm Lewis Silkin, to make a claim for £45,000 when Privilege Wealth went into administration.
Timeline
19

June

2013

Privilege Wealth: Non-Circumvention & Non-Disclosure Agreement (June 19, 2013)

Non-Circumvention & Non-Disclosure Agreement between Jadestone Trust, Reversa Ltd., and Privilege Wealth One LP, all represented by Brett Jolly; Martin Sampson, Pierre Maccow, Brixton Equity Fund, Hulzy SA, Vayomer Global Fund, Mount Sion Investment Holding & Ventures LLC, Pablo Abad Anderson, and Knighstbridge Finance Ltd.
02

July

2013

Privilege Wealth: ‘Founding Document’

Non-Circumvention & Non-Disclosure Agreement, described to OffshoreAlert by a source as the 'Founding Document' for the Privilege Wealth investment scheme, signed by Brett Jolly, on behalf of Jadestone Trust, Reversa Ltd. and Privilege Wealth One LP; George Leavey, individually; and Nicolas Greenstone, individually and on behalf of Barton Brown Limited.
Brett Jolly - Fraudster
19

October

2016

EXPOSED: ‘Privilege Wealth’ global investment fraud

Notorious British swindler Brett Jolly is secretly behind a global investment fraud being perpetrated under the name 'Privilege Wealth', OffshoreAlert can reveal. The scheme involves a sprawling web of companies and operators in Bermuda, BVI, Cayman Islands, Curacao, Dubai, Gibraltar, Guernsey, Jersey, Luxembourg, Panama, Seychelles, South Africa, Spain, UK, and USA.
20

October

2016

Privilege Wealth takes down websites after OffshoreAlert exposé (then brings them back up)

Within hours of OffshoreAlert's exposé of Privilege Wealth being published last night, the fraudulently-operated global investment group took their websites offline (before bringing them back online after the first version of this article was published). The group's main websites at www.pwplc.com, www.privilegewealthlp.com and www.privilegedirect.com were temporarily unavailable.
02

November

2016

HELIX Investment: ‘Privilege Wealth intends to sue OffshoreAlert’

Announcement on the Bermuda Stock Exchange by HELIX Investment Management SLP, of Luxembourg, that the group it raises funds for, Privilege Wealth, intends to sue OffshoreAlert for defamation regarding an article exposing Privilege Wealth as a global investment fraud.
23

March

2017

Gibraltar judge orders Privilege Wealth to produce records

A Gibraltar judge has ordered an inspection of the books and records of a limited partnership that underpins the Privilege Wealth investment group, which was exposed as a fraudulent enterprise by OffshoreAlert five months ago. The order was issued after Privilege Wealth allegedly ignored a request for inspection from one of its limited partners.
Chris Burton
31

March

2017

Privilege Wealth suspends redemptions amid shooting & ‘$40m deficit’

Five months after being exposed as a fraud by OffshoreAlert, the Privilege Wealth investment scheme has collapsed, with an insider claiming there is a deficit of more than $40 million. Redemptions to investors have been suspended, Privilege Wealth's main office - a call center in Panama - has closed after the attempted murder of its boss - a fraud fugitive in Spain - and unpaid payroll and the group's registered agent in Gibraltar has resigned.
05

April

2017

Privilege Wealth websites go down as chaotic collapse continues

The two main websites for Privilege Wealth's fraudulent investment scheme have gone off-line as the Marbella, Spain-based group continues to collapse in chaos. The group is threatening to bring a "class action" against OffshoreAlert, which it says is "100% liable" for investors' losses, which an insider estimated to be more than $40 million.
13

April

2017

Privilege Wealth Plc misses filing deadline for first annual accounts

Privilege Wealth Plc, the British arm of the fraudulently-operated Privilege Wealth investment group, has missed a deadline to file its first annual accounts - the latest setback to worry investors who are believed to have invested more than $40 million.
07

June

2017

Privilege Wealth Notes suspended on Bermuda Stock Exchange

Trading in one of the main fund-raising vehicles for the fraudulently-operated Privilege Wealth investment group has been suspended by the Bermuda Stock Exchange after its Listing Sponsor, Estera Securities, formerly Appleby Securities, apparently resigned.
20

July

2017

Companies House starts ‘Compulsory Strike Off’ action against Privilege Wealth Plc

Britain's Companies House has started the process of compulsorily striking off Privilege Wealth Plc, which was exposed as a fraud by OffshoreAlert nine months ago.
03

August

2017

Privilege Wealth’s Brett Jolly banned as company director in UK for prior fraud

Spain-based, British fraudster Brett Jolly, who is secretly behind the recently-collapsed Privilege Wealth investment scam, has been banned from serving as a company director in the United Kingdom for a prior fraud involving Anglo-Capital Partners Ltd.
17

August

2017

Andrew Sweeney sets up three new firms after leaving Privilege Wealth scam

British investment salesman Andrew Sweeney has set up three new firms - Investabl Limited, International Portfolio Services Ltd., and Preston Invest Ltd. - after leaving his role as Group Sales and Marketing Director of Privilege Wealth, which specialized in swindling pensioners out of their retirements before collapsing after being exposed by OffshoreAlert.
23

August

2017

Guernsey insurer of Privilege Wealth investors’ capital loses license

In ominous news for investors in Privilege Wealth's insolvent $40 million investment scheme, the company they were told was insuring their principal - Affinity Insurance PCC Limited - has lost its insurance license in Guernsey.
14

September

2017

Brett Jolly rolls Privilege Wealth investment scam into ‘Creditech’

Banned company director and serial fraudster Brett Jolly has resurrected his failed Privilege Wealth investment scheme under a new name - Creditech - using as fronts two well-connected British nationals who quickly resigned after being contacted by OffshoreAlert, we can reveal.
Andreas Woelfl - Argentarius - Malta
21

September

2017

Malta’s Argentarius Group kicked off Gibraltar Stock Exchange

Argentarius Group, which operates investment platforms in Malta, Gibraltar and the Cayman Islands on which several suspect schemes have been trying to raise funds, has been kicked off the Gibraltar Stock Exchange.
06

October

2017

Last director of Privilege Wealth spin-off Creditech Plc resigns

The last remaining director of British firm Creditech Plc has quit, seemingly signaling the end of a firm that was attempting to continue an investment fraud that began as Privilege Wealth. Since being approached by OffshoreAlert less than a month ago, Creditech's entire board and its secretary have all resigned.
07

December

2017

Privilege Wealth fraud promoter Anafin Capital applies to be struck off

Anafin Capital Limited, which OffshoreAlert understands raised approximately $10 million for investment in a fraud known as Privilege Wealth and is, therefore, at risk of being sued by aggrieved clients, has applied to be voluntarily struck off the companies register in Britain.
23

January

2018

Helix Investment Management SLP v. Privilege Direct Corp. et al: Complaint

Complaint in Helix Investment Management, SLP, on behalf of Helix Securitisation Fund Compartment 'Privilege Wealth' v. Privilege Direct Corp., Oliphant Financial Group, LLC, Oliphant Financial Corporation, and Robert A. Morris at the U. S. District Court for the Middle District of Florida.
06

February

2018

Privilege Wealth Plc goes into administration with debts exceeding $38M, investors are told

The biggest source of investment for the Privilege Wealth Group, Gibraltar-domiciled Privilege Wealth One Limited Partnership, today broke the news to its investors that it is massively insolvent due to fraud and mismanagement.
19

February

2018

Concord Equity Group Ltd. v. Oliphant Financial Group, LLC et al: Second Amended Complaint

Second Amended Complaint in Concord Equity Group Limited v. Oliphant Financial Group, LLC and Oliphant Financial, LLC at the Circuit Court of the Twelfth Judicial Circuit, in and for Sarasota County, Florida.
23

February

2018

Helix Investment Management, SLP v. Privilege Direct Corp. et al: Oliphant Financial Group’s Motion To Stay

Oliphant Financial Group's Motion To Stay in Helix Investment Management, SLP, on behalf of Helix Securitisation Fund Compartment 'Privilege Wealth', v. Privilege Direct Corp., Oliphant Financial Group, LLC, Oliphant Financial Corporation, and Robert A. Morris at the U. S. District Court for the Middle District of Florida.
01

March

2018

Helix Investment Management SLP v. Privilege Direct Corp. et al: Plaintiff’s Response to Defendant’s Motion to Stay

Plaintiff's Response to Defendant's Motion to Stay in Helix Investment Management, SLP, on behalf of Helix Securitisation Fund Compartment 'Privilege Wealth' v. Privilege Direct Corp., Oliphant Financial Group, LLC, Oliphant Financial Corporation, and Robert A. Morris at the U. S. District Court for the Middle District of Florida.
01

March

2018

Privilege Wealth Plc reports £42M ‘deficiency’

In a 'Statement of Affairs' filed with Companies House in Britain yesterday, investment fraudster Privilege Wealth Plc reported an estimated deficiency of £42 million. Of that amount, the company reported that £39.55 million is owed to investors, £2.5 million owed to its directors, and £124,038 to trade creditors.
30

April

2018

Guernsey’s Steve Dewsnip involved in another dubious venture

Guernsey-based businessman Steve Dewsnip, who was arrested last year as part of a fraud investigation into Providence Financial Group, is involved with another questionable venture, Connecticut-based Almas Nexus, whose CEO, Mark Nichols, has a history of indebtedness and corporate failure.
17

May

2018

Helix Investment Management SLP et al v. Privilege Direct Corp. et al: First Amended Complaint

First Amended Complaint in Helix Investment Management SLP, on behalf of Helix Securitisation Fund Compartment 'Privilege Wealth'; Privilege Direct Corp., Oliphant Financial Group, LLC, Oliphant Financial Corporation, and Robert A. Morris at the U. S. District Court for the Middle District of Florida.
18

June

2018

Helix Investment Management SLP v. Privilege Direct Corp. et al: Second Amended Complaint

Second Amended Complaint in Helix Investment Management, SLP v. Privilege Direct Corp., Oliphant Financial Group, LLC, Oliphant Financial Corporation, and Robert A. Morris at the U. S. District Court for the Middle District of Florida.
28

June

2018

Axis Space LLC v. Mark Munnelly et al: Complaint

Complaint alleging breach of contract in Axis Space LLC v. Mark Munnelly, a citizen of Ireland, and C-Tech Financial Corp., of Florida, at the Circuit Court of the 17th Judicial Circuit, in and for Broward County, Florida. Editor's Note: Munnelly was one of the architects of a £40 million-plus investment fraud perpetrated by British group Privilege Wealth, which collapsed after being exposed by OffshoreAlert in 2016, prompting insiders to try to continue the scam via one of the defendants in this lawsuit, C-Tech Financial Corp., which also collapsed after being exposed by OffshoreAlert.
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