02072454429

From: http://devere-group.pissedconsumer.com/devere-taking-me-for-a-fool-big-mistake-for-devere-20110824257422.html

"Written by worried about your money on September 9, 2011

If you have bought a fund through the devere fund platform then you should ring up the investment house and check that they are aware of your purchase. ...devere south africa ...have been selling structured products with known banks that mature in a period of 5 years. your money looks totally safe. here is the twist....... the investment is owned by devere and not you and devere are using the money for working capital. Your statements will look great but they are not your statements.

If you have took out one of these structured products then you should check directly with the fund company that they are even aware you exist. (if it was with a bank).

If the investment was with a fund house then you might want to dig a little deeper, Devere own a number of funds that on paper look great but they are what we call boiler room enterprises. the fund you are buying in to is actually just deveres bank account.

I worked for devere, why do i tell you the secrets, because they have gone to far with the recklessness"

There is also some information going around that if the commission cheque is over 10K You will not receive all of it up front and it will be split over a years time. The reason behind this was because some ex employees signed up their friends , got paid and then went missing and the commission got clawed back and Devere were out of pocket.
From my information it should be clear that you should check with the local financial authority that you will be working in Europe and ask them about Devere. Remember if you get caught out with being an associate with Devere , you will be banned again from entering the country in the future should the local authority ban Devere for any reason. You cant claim " I didn't know bunny"

Felcher a new office run out of Geneva office.

Female, they will pay for your training etc. there will not be a problem. Dubai is a very succesful office for DVP but you will not glean much by a visit. Chances are that you will not make it work most don't but opportunity is genuine.

PissedC I do not believe that at all, the funds will be structured products and will be underwritten by a bank some with a guarantee, they will have an ISIN code etc. if they were not compliant then the life offices would not accept them. I think your post is misleading

Bernie Madoff If it is a monthly (regular) plan then yes there can be a clawback for upto 30 months which is technically repayable. Lump sums not the case.

I think the days of DVP being outside regulation is pretty much gone, they have grown to big for that, although it has happened in the past, so I think you are pretty safe in most regions.

I worked for them for 3 years Doug above works for them as a regional training manager so he would say good things. Basically they will take anyone on to be a consultant and I mean anone, you don't have to know anything about finance in fact their favorite people to employ are timeshare sales people, you can have a criminal record, have been declared bankrupt, be unable to read or write properly, all you have to do is pass a week long course in Malta (basically learn a sales pitch off by heart) and you have a job. You then join an office and start selliing to the unsuspecting public it is very sad they will do anything to earn commission, on the course you are taught how to avoid questions about your background (ie lack of financial knowldege) you are told to say things like I have been assisting people  for years in making decisions about their future, I have been in sales for 20 years now etc etc

Maddoff, is this the reason the old Dutch clients get serviced from the Belgium office because Devere were chased out from the local authorities in the Netherlands who apparently locked up a few guys overnight and raided the offices guns ablazing.

I have to echo the responses on here of ex Britex / Devere consultants. If you are tempted to take up their incredible offer of 'training and a position overseas', my advice ..DON'T. They are unscrupulous, deceitful,often work outside the law,and treat you badly in a working environment which is sexist,racist, and controlled by bullies.

Green and Spencer Lodge need to be properly investigated by the Authorities.  

I see that Lodge was served with a High Court writ last week by Elton John. Lodge was at an Elton John Foundation Fund raising event, and bid £700,000 for a day out with John and Furnish. He didn't ever pay the money, depsite signing a contract. Odious little man.

Fearless Fly There were some issues about the product not reaching the requirements of the Dutch system in terms of life cover and then I believe therec is the one that was being sued by Elton John.

Re Elton John:
http://www.dailymail.co.uk/news/article-20372 ... t-stood-up.html

Interview:
http://www.youtube.com/watch?v=jEjOBrXkPWE

BBC Panorama feature on Devere:
http://www.youtube.com/watch?v=rS36OlVCY5s
http://www.youtube.com/watch?v=gajTHiHW8iA

Thank you for the link to The Panorama Programme, very interesting. I am very glad that Green has been named and shamed as The Director of a UK co that is being investigated by The FSA. Personally speaking, they should pass the case to the economic crimes unit at The City of London Police.

I do ho^pe Green get's his just deserts, he has made alot of money by ripping niaive 'consultants' and the clients around the world. I am surprised that he became the UK director of a UK based brokerage , he bases his directorates in places where he can't easily be bothered by 'any' authorities.Would be nice if he had finally slipped up. I would love a day out watching him from the Public Gallery of a Crown Court.

I did the course in Malta,got sent to The Far East , nobody met me at the Airport as promised, made my own way to The Hotel , three months of hell, promises broken , cost me a fortune, i reckon about 12000 quid, it was a nightmare from the moment i got off the plane.

I fell for their promises 'hook line and sinker' , and it has taken me 3 years to get back to where I was when i accepted deveres contract. It is a sham, nothing more , nothing less.

Nigel Green , what would i like to say to him if i met him ? Not broadcastable on the internet ! Slimey and greedy.

Of course he won't as he has not broken the law. The set up that were selling via IAW were a stand alone independant and decided to abuse the MIFID passporting rules, still a great shame for the individuals that have been caught.

As far as consultants go, I agree that they have been bullsh--ed but the fact they couldn't make it work is a shame but some do, the general factor that people go is greed and they are happy to sell in a poor way and only really cry when they do not get their share of the spoils.

Sorry to hear of your issues, I agree that they should just spell it out in clear terms that it's dog eat dog and you are on your own and that in reality you will fail more likely than not. As it stands nothing is actually being done that is wrong, i.e. they are allowed to take the commissions in the manor they do even if it is harsh on clients, but hey thats what financial services have always been about, UK in 1970 and 80's, Allied Crowbar etc.

Human greed is a big part here and that is why people join, end of, customer concern is not a priotity its whats in it for me, shame really!

An investigative journalist is now on the case: http://www.thisismoney.co.uk/money/experts/ar ... cial-giant.html

"nothing is actually being done that is wrong"

It's a confidence trick:
- salesmen posing as IFAs
- clients duped into thinking they're talking to financial experts, not salesmen
- sales pitch disguised as advice
- expensive investments "recommended" in such a way that they sell

Money-hungry recruit + powers of invention = con artist
Con artist + dupe = sale

There is a line between moral and legal, you can only be breaking the law if is illegal. I agree that the quality of salesman, sorry adviser is poor, and most are in no way expert or even part qualified to act in any real manner, but they are not "generally" breaking any rules or regulation. as I said UK in 70 and 80's and that is where the origins of the owners stem from.

There have been some instanes over the years where they have broken some regulatory rules although this is not common nowadays

I do agree with your overall outcome though which can't be good for clients in any manner!

Thanks for that link, very interesting. Green and co are incredibly litigious, and their legal bills each year must be very high ! I hope The Belgians get a grip of Devere and throw them out of The Country, after imposing a huge fine. That would be a start.

I hope this journalist continues to report on the case, Devere need to be unmasked and people made aware of their unscrupulous activities !

Nemesis. I think the legal bit has always been in the background and I hear more "direct" actions but more recently as the companies profile has grown it is more protective and likely to go legal. They won a case in Europe recently against an ex employess (well if you call it that) that had taken clients to another brokerage and then not taken their action seriously, won about 3m Euro in damages which he will not have.

Also they have had a few embarrassing exposures on some of the staff including one gut in Dubai who was an undischarge bankrupt twice (under false names for the second one) in the UK, check this out

http://www.thisissouthwales.co.uk/agent-Welsh ... tail/story.html