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
02

August

2018

Privilege Wealth Plc: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Stephen Katz and John Kelmanson, as Foreign Representatives of Privilege Wealth Plc, at the U. S. Bankruptcy Court for the District of New Jersey.
03

August

2018

Privilege Wealth’s UK administrators apply for US recognition, identify litigation targets

The administrators of British firm Privilege Wealth Plc, which collapsed earlier this year after being exposed as a fraud by OffshoreAlert, have applied for recognition at federal bankruptcy court in the USA and identified several potential litigation targets.
14

August

2018

Privilege Wealth One LP: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Gibraltar by David Ingram, as the Foreign Representative of Privilege Wealth One Limited Partnership, at the U. S. Bankruptcy Court for the Southern District of Florida.
24

August

2018

Privilege Wealth Management Ltd.: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Gibraltar by David Ingram, as Foreign Representative of Privilege Wealth Management Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.
10

December

2018

Helix Investment Management LP v. Privilege Direct Corp. et al: Third Amended Complaint

Third Amended Complaint in Helix Investment Management LP 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.
16

April

2019

Privilege Wealth look-alike C-Tech Financial seeks millions from investors

British businessmen who fronted a failed attempt to keep the collapsed Privilege Wealth investment scheme going under another name in 2017 after it was exposed by OffshoreAlert have launched a look-alike in Florida and England, C-Tech Financial. They are Keith Harris, who is Deputy Chairman of Everton Football Club, and Andrew MacKenzie, who once ran the image rights firm of British politician and Olympic champion Sebastian Coe.
22

April

2019

Helix Investment Management LP v. Oliphant Financial Group et al: Summary Judgment Motion

Plaintiff's Motion for Final Summary Judgment against Oliphant Financial Group LLC and Oliphant Financial Corporation in Helix Investment Management LP 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.
22

April

2019

Helix Investment Management LP v. Robert Morris: Motion for Summary Judgment

Plaintiff's Motion for Summary Judgment against Robert Morris in Helix Investment Management LP 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.
22

April

2019

Helix Investment Management LP v. Privilege Direct Corp. et al: Robert Morris Transcript

Filing of Deposition Transcript of Robert Morris in Helix Investment Management LP 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.
22

April

2019

Helix Investment Management LP v. Privilege Direct Corp. et al: Melody Cuff Transcript

Filing of Deposition Transcript of Melody Cuff in Helix Investment Management LP 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.
16

August

2019

Privilege Wealth Plc: Third Progress Report of Administrators

Administrators' Progress Report by insolvency practitioners Stephen Katz and John Kelmanson regarding Privilege Wealth Plc, a British firm that collapsed after being exposed as the perpetrator of an investment fraud by OffshoreAlert in 2016.
07

January

2020

Petition to wind up British £40M fraud firm Privilege Wealth Plc

Nearly two years after their appointment and having run out of cash, the Joint Administrators of Britain's Privilege Wealth Plc have applied to wind up the company, which collapsed after its £40 million-plus investment fraud was exposed by OffshoreAlert.
Minette Coetzee and Paul Segal
22

January

2020

EXPOSED: Symtomax Group’s fraudulent €12M Bond Offering

A €12 million bond offering by British nationals Minette Coetzee, a.k.a. Minette Compson, and Paul Segal via their Symtomax Group for a purported medical cannabis production facility in Portugal is fraudulent, OffshoreAlert can reveal. The scheme involves entities and individuals in the BVI, Canada, Dubai, England, Gibraltar, Morocco, Netherlands, Panama, Portugal, Scotland, Spain, South Africa, and Switzerland.
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