Investment Scams
Director disqualification for dodgy wine dealer
Earlier this month, former wine investor William Geoffrey Mason received a 10-year company director disqualification. An Insolvency Service investigation found that Mason, 54, “abused” hundreds of thousands of pounds investors paid his company. Between 2001 and 2019, Mason’s business, William Mason Fine Wines (WMFW), received more than £445,000 in payments from investors. However, investigators concluded…
Read MoreConsumers warned over pre-paid energy scams
Britain’s leading fraud prevention service, Cifas, has warned gas and electricity customers to avoid pre-paid energy scams disguised as discounted offers. The scams have already affected over 188,000 victims, including British Gas, EDF Energy, E.ON, Scottish Power, and SSE customers. It’s no secret the cost of living is increasing at a startling rate. Many UK…
Read MoreWhen digital currency goes wrong Netflix documentary
Netflix’s newest true-crime offering is a cautionary tale about the world of cryptocurrency investments. Trust No One: The Hunt for the Crypto King follows the rise and fall of Gerald Cotten, founder of the QuadrigaCX cryptocurrency exchange. The result is a gripping documentary that attempts to trace the $150million (around £115m) investors lost following Cotton’s…
Read MoreDue diligence in the Dragon’s Den
Although the BBC’s long-running reality TV show Dragon’s Den has produced several business success stories, there have also been some missed opportunities. In 2007, for example, Jamaican chef Levi Roots earned a tidy sum after celebrity angel investor Peter Jones offered £50,000 for a 40% stake in his Reggae Reggae Sauce business. However, later that…
Read MoreSister and brother charged with £100m crypto scam
Earlier this month, US authorities exposed another reason why you should be cautious of crypto-opportunities following the arrest of two siblings charged with of using a crypto scam to defraud investors out of $124 million (around £95m). Although we have recently posted several blogs on crypto scams, this story deserves coverage for two reasons: More…
Read MoreFCA targets unregulated investment scammers
The Financial Conduct Authority (FCA), which regulates financial companies providing services to consumers, announced plans to increase preventative action against potential consumer scam investments. Apparently, the FCA stopped one in every four bogus companies from entering the market in 2021. The figure had been one in five in 2020. While these statistics are reassuring, punishing…
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