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.
Notice of Administrators' Progress Report for the period from July 23, 2018 to February 22, 2019, filed with Companies House for England and Wales.
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Gibraltar by David Ingram and Freddie White, of Grant Thornton, as the Foreign Representative of Privilege Wealth Management Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Gibraltar by David Ingram and Freddie White, as the Foreign Representatives of Privilege Wealth One Limited Partnership, at the U. S. Bankruptcy Court for the Southern District of Florida.
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.
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.
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.
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.
The directors of British firm Privilege Wealth Plc, which was exposed as a fraud by OffshoreAlert nearly 15 months ago, have convened a creditors' meeting for January 12th to consider a resolution to wind-up the company and appoint a liquidator.
British firm Privilege Wealth Plc, which was exposed as a fraud by OffshoreAlert last October, appears to be under criminal investigation in the United Kingdom.
Fintech Software Development Group Inc., which formed the centerpiece of two fraudulent investment schemes exposed by OffshoreAlert, has been dissolved by the Florida Division of Corporations for failing to file its annual report.
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.
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.
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.