Jeremy Clark

Letter to investors from Privilege Wealth Management Limited, as general partner of Privilege Wealth One LP, notifying them that Privilege Wealth Plc has gone into administration and that the group is insolvent.

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.