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If you are reading I miss you from moody Moo

You stupid boy.

Sorry that wasn't for you

In the latest letter from the FCA to old and new investors in Pearl Island it mentions that shares in Atlantic Equity LLC were sold through a number of boiler room companies namely First Capital Wealth Limited,Bishops of Mayfair Limited,Wallberg Dillon Reid Limited,Sterling Capital Corporation Limited and that some individuals may have bought shares in a company called Pearl Island International LLC,later name changed to Paragon Private Wealth LLC in an earlier scheme marketed through a company called Morgan Forbes(UK) Limited.

The Court case covers all investors that invested in Pearl Island land scam and all companies are mentioned in the court case.

The Financial Services Compensation Scheme in my understanding is not applicable to this case.The FCA have taken out court orders to seize assets from the people being investigated as they may be classed as proceeds of crime and if there is a guilty verdict may be used to compensate investors.

Five years ago I posted on motley fool boards,that Acropolis sgps was a reinvention of Morgan Forbes,M. Nascimeto had this post deleted as he made out that Acropolis was run by new directors,however this was just another scam.

You are correct the FSCS is not applicable in this case,as all the companies were not registered with the FCA.

Assuming Michael, Hugh and Co are convicted, victims will be entitled to compensation which if Michael and Hugh don't cough up they'll get an even longer custodial sentence.

Assuming we've left the EU by the time Michael completes his custodial sentence with a bit of luck he might be deported to Madeira.

No compensation will be paid as all the companies were not registered with the FCA,there is no access to the financial services compensation scheme,if investors funds cannot be recovered through the company directors it is just bad luck.

There seams to some confusion here.

If a company is regulated or approved to carry out business in the UK by the FCA and there are issued with investors having difficulty getting their money.If the company is still trading the investor had to contact the Ombudsman but if the company has ceased trading the FCA can use the financial services compensation scheme to compensate investors in its regulated companies.

Nobody is saying that the companies involved with the Pearl Island investment were regulated by the FCA so the above does not apply in this case.

What does apply in this case is when the FCA investigate fraud and that could be a company or companies it does or does not regulated and a criminal investigation is started the FCA can go to the courts to gain a restraining order to seize assets from the people being investigated that can include property,shares,bank accounts,savings,land etc,etc.

The FCA have seized assets from the people being investigated in the Pearl Island fraud and what would happen if they were found guilty then shortly after they would be sentenced and shortly after that there would be a financial meeting where the seized assets could be said to be proceeds of crime and used to compensate investors.

The amount investors are likely to get back if any will depends on the Judges decision whether to compensate investors,the value of assets that were seized and classed as proceeds of crime and no doubt some other factors.

Yes everything you say is correct however in the case of these guys they lease their cars, rent their houses and on paper have zero assets that could be seized - Glenn King one of the sales guys (and now running his own bucket shop Oakmont and Partners) does the same thing with his Lamborghini, bachelor pad and will generally have all other cash hidden or in the hands of friends and family - they probably knew these days would come and have used the money on extravagant holidays and leased super cars

None of the companies Morgan Forbes,etc, etc ,were regulated by the FCA,but the FCA can close down companies registered or not.The FCA can seize company assets once fraud has been proved,the courts can seize personnel assets again once fraud has been proved.

Peoples/ companies assets are seized at the start of a criminal investigation not when the people are convicted.

In a letter to investors from the FCA dated 14/11/2014 it says they got restraint orders from the Court for some of the people being investigated so they don't get rid of their assets while the investigation is underway.These orders apply to all their assets worldwide and whether or not the assets are individually identified.

In cases procecuted by the FCA they obtain restraint orders where possible so that individuals who have suffered financial loss from criminality can be compensated if those responsible are convicted.

Although a court date is set the investigation is ongoing so there may be more people to stand trial,assets to be seized and investigations into peoples affairs.

Normally the Judge decides who if any gets compensated.

in practice, anon is 100% correct. courts can seize only what is not already plundered and actually in name of the principal scumbags. stuff held by family or similar would prove more difficult to sequester, also with contrivance of accountants and smart alec deep-in-excrement lawyers, they'll have ferreted away as much as poss in out-of-reach far away non-compliant jurisdictions (including channel islands, liechtenstein, luxembourg, caymans etc etc) so investors - sorry investors - will be at bottom of food chain once it's been devoured by legal fees. a joke. but no one is laughing who's lost out.

The people involved know  every trick in the book,any funds they hold will be well hidden.

I agree in theory that it should be easy to hide you ill gotten gains but there are many criminals a lot more intelligent than the Morgan Forbes crew where they think their assets are well hidden and find out the authorities have seized them.

There used to be lots of safe places to hide your assets but in reality now there are very few.The people that believe they know every trick in the book have only read the old book and not the new one that the authorities have studied every word.

I would love to say that will be the case but I think you are mistakening people like these for criminals such as captain  beard who would've buried his treasure.  That's not meant to be disrespectful towards you I'm just trying to suggest you hold these criminals in too high regard- These types of criminals are All about showing off, posting pictures on social media of their cars and trying to demonstrate their status they will probably not have a long term plan for this money and will have squandered most of it by the time they get caught!!

Very interesting E-mail the investors received from the FCA this afternoon.

Most investors will have heard of Michael Nascimento and Hugh Edwards (Herschell) but does anyone have any information on Stuart Rae and Ryan Parker.Are they known scammers or new to the game that the main man has paid them to "face" the company while he ruins it from behind the scenes.

What about Jeannine Lewis anyone heard of her,I am guessing she was paid to open bank accounts for the company while the main manl is controlling them and syphoning money off to his many offshore bank accounts.

All four men have charges that carry a maximum sentence of 10 years and 2 years,Michael also has charges that carry 10 years and life imprisonment.The lady has charges that carry a maximum sentence of 14 years and life imprisonment.

In reality if found guilty they will get no where near these sentences but can see three of them getting 1-2 years,one getting 2-4 years and one getting 5-7 years.

I would imagine these people will have to enter their pleas during a hearing in December 2016 and would be interested to know what difference a plea of guildy or not guilty would make to there sentence if they were found guilty.

I would like to get some or all of my money back but the real pleasure will be watching these people getting their just desserts.

M.N.,appears to be the person responsible for the Pearl Island etc,property fraud,at Canary Wharf he had salesmen acting on his behalf.H.E.,S.R.,R.P.,    and others arrived later on the scene.

listening to the HEADPINS sing ""DONT IT MAKE YOU FEEL"" later  culater,,then,next

Very interesting.