Shanghai Wang Venture Inc.

[pboyles]

I'm assuming you know Holland and Leaf are a scam, they are actually on the FSA warning list. They were not a proper broker, basically just conmen, so the chances of getting anything back are remote.

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml#h

Are CMG Holdings supposed to be an escrow agent or another broker? How do they fit in? I dont think banking troubles are the issue here, sounds like an excuse to get more legal fees out of you.

Be aware that many purported escrow agents are also frauds, there have been a few posted here in the past.

 

[$2rip]

I'm assuming you know Holland and Leaf are a scam, they are actually on the FSA warning list. They were not a proper broker, basically just conmen, so the chances of getting anything back are remote.

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml#h

Are CMG Holdings supposed to be an escrow agent or another broker? How do they fit in? I dont think banking troubles are the issue here, sounds like an excuse to get more legal fees out of you.

Be aware that many purported escrow agents are also frauds, there have been a few posted here in the past.

Thank you for your fast reply, I had a feeling in my gut that Holland & Leaf were not kosher. Now, CMG Holdings is where all of us sent our money to begin with. Into an escrow account supposedly. My solicitor sent me some info on antigua http://www.independent.co.uk/news/w...uble-that-is-bad-for-antigua8217-1624870.html and apparently these issues could have created genuine delays. If this is true, I have no idea but its what I`m being told. Hope this helps. Glad this chat room exists to help each other avoid future problems :clap:

 

[pboyles]

Thank you for your fast reply, I had a feeling in my gut that Holland & Leaf were not kosher. Now, CMG Holdings is where all of us sent our money to begin with. Into an escrow account supposedly. My solicitor sent me some info on antigua http://www.independent.co.uk/news/w...uble-that-is-bad-for-antigua8217-1624870.html and apparently these issues could have created genuine delays. If this is true, I have no idea but its what I`m being told. Hope this helps. Glad this chat room exists to help each other avoid future problems :clap:

I'm sure there is no genuine delay, its a scam plain and simple, the supposed escrow is just part of the scam. I dont think you'll get the money out of the 'escrow' because it is not in fact an escrow, they just told you it was, like they told you the shares were going to be worth a lot of money...but they arent.

There was another post here some time ago where something similar happened with an outfit called Guardmann Escrow, same story, supposed to be an escrow account but just part of a boiler room scam.

You should speak to the FSA before you pay any solicitors more fees. If all they can produce is a googled article about Antigua then they are not on the ball. In any case even if they were they would be powerless to do anything constructive, other than line their own pockets with legal fees.

 

[$2rip]

I'm sure there is no genuine delay, its a scam plain and simple, the supposed escrow is just part of the scam. I dont think you'll get the money out of the 'escrow' because it is not in fact an escrow, they just told you it was, like they told you the shares were going to be worth a lot of money...but they arent.

There was another post here some time ago where something similar happened with an outfit called Guardmann Escrow, same story, supposed to be an escrow account but just part of a boiler room scam.

You should speak to the FSA before you pay any solicitors more fees.

You learn something new every day I guess thank you.

As for Holland & Leaf, how can I get my money back...or is it lost for ever.

 

[pboyles]

You should probably assume its gone for good but call the FSA and report the incident to them. Theres more chance that they can do something compared to what a solicitor can do and they wont be charging you legal fees.

In short dont pay anyone else to 'help' you, if the FSA and police cant do anything then nobody else can.

Also be aware that it is common for the fraudsters to call you again offering to buy, exchange or derestrict the shares. They will offer to do this if you send them an advance fee. This is part 2 of the scam and you shouldnt fall for it regardless of what excuse they give you.

 

[lostboy]

Earlier this week I had a further telephone call from Adam Grant who describes himself as the Corporate Investor who hired Shanghai Capital to arrange the aquisition of Verdant which has apparently fallen foul of US tax regulations and is asking for an up front payment to cover partial payment of taxes in order to facilitate the release of funds held in frozen escrow account. I have yet to receive anything in writing from Mr Grant despite his promise to do so. I am taking his calls with a generous pinch of salt at present, no intention of sending any further money . Will keep you posted on any further contact.

 

[$2rip]

Earlier this week I had a further telephone call from Adam Grant who describes himself as the Corporate Investor who hired Shanghai Capital to arrange the aquisition of Verdant which has apparently fallen foul of US tax regulations and is asking for an up front payment to cover partial payment of taxes in order to facilitate the release of funds held in frozen escrow account. I have yet to receive anything in writing from Mr Grant despite his promise to do so. I am taking his calls with a generous pinch of salt at present, no intention of sending any further money . Will keep you posted on any further contact.

I also received a call from a Mr. Grant 3 weeks ago who simply informed me that my funds would be released within 12 months and I was not asked for any money what so ever upfront? Maybe my payment is too small and therefore did not facilitate that asking of any monies up front? it was suppose to be $78,560.00 US Dollars. I received a document via fax putting that in writting which I signed and sent back - I have received no further calls and have not been asked for any money? They are not on the FSA list so my fingers are crossed.

 

[pboyles]

I also received a call from a Mr. Grant 3 weeks ago who simply informed me that my funds would be released within 12 months and I was not asked for any money what so ever upfront? Maybe my payment is too small and therefore did not facilitate that asking of any monies up front? it was suppose to be $78,560.00 US Dollars. I received a document via fax putting that in writting which I signed and sent back - I have received no further calls and have not been asked for any money? They are not on the FSA list so my fingers are crossed.

The FSA list is for boiler room scams, it doesn't list the companies whose shares they 'sell'. In any case the list is never able to keep up with new scams

What company did this guy say he represent? I'm sure he's setting you up, why else would he contact you out of the blue?

 

[pboyles]

The FSA list is for boiler room scams, it doesn't list the companies whose shares they 'sell'. In any case the list is never able to keep up with new scams

What company did this guy say he represent? I'm sure he's setting you up, why else would he contact you out of the blue?

Actually I stand corrected, Shanghai Wang are on the FSA warning list

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml#s

 

[$2rip]

How exactly does a company get on the FSA list? I mean what if I complained about a legitimate brokerage house just because I lost money? lol What sort of "proof" do they need? a failed contract perhaps, copies of international bank transfers etc?

Thank you so much.

 

[pboyles]

They need to be FSA regulated to conduct business in the UK, clearly they were not, I imagine that is enough to get on the list, although obviously their activities go much further than that. In practice it seems that the list is compiled from complaints from people who have been conned.

I noticed that quite often a company would be mentioned here or on other boards and then a week or two later it would appear on the FSA list.

 

[$2rip]

They need to be FSA regulated to conduct business in the UK, clearly they were not, I imagine that is enough to get on the list, although obviously their activities go much further than that. In practice it seems that the list is compiled from complaints from people who have been conned.

I noticed that quite often a company would be mentioned here or on other boards and then a week or two later it would appear on the FSA list.

So what if my wife cheated with a stock broker in London and I wanted to start a scandle? could I just report him falsely and ruin him? is it as simple as complaining or showing "proof". My question is that just complaining doesn't seem fair as the complaint could be false. I'd imagine concrete PROOF would be needed and not heresay?

 

[pboyles]

So what if my wife cheated with a stock broker in London and I wanted to start a scandle? could I just report him falsely and ruin him? is it as simple as complaining or showing "proof". My question is that just complaining doesn't seem fair as the complaint could be false. I'd imagine concrete PROOF would be needed and not heresay?

Regulated by FSA to carry out that type of business in the UK = legal
Not regulated by FSA to carry out that type of business in the UK = illegal

So theyd most likely look up their register for proof.

 

[pboyles]

By the way I just saw this on the FSA website, it refers to part 2 of a boiler room scam. Does any of it sound familiar?

New development second sting in the tail
Investors who have bought shares from unauthorised firms typically find they have difficulty selling them because the shares are not listed on a recognised stock exchange. But the FSA is aware of a new scam where these investors are subsequently approached with an offer to sell their shares provided they pay an administration fee upfront. Once the fee has been handed over, investors never hear from the firm again leaving them both out of pocket and holding the unsold shares. So investors get stung twice.

Case study
An investor who contacted the FSA, purchased shares at a total cost of $37,500 from an unauthorised firm describing itself as a broker in Switzerland. About 18 months later, he was contacted by a different firm which described itself as an American settlements company, offering to sell his shareholding for almost five times the original purchase price. However, the investor was required to pay a "withholding tax" of $8,850 in order to complete the deal. After paying the money, he shortly afterwards received another call from the firm saying it needed a further $57,000 in order to complete the transaction. The investor declined to send more money and to date he is still holding his shares but has lost his $8,850.

http://www.fsa.gov.uk/Pages/Library/Communication/PR/2003/056.shtml

 

[$2rip]

Regulated by FSA to carry out that type of business in the UK = legal
Not regulated by FSA to carry out that type of business in the UK = illegal

So theyd most likely look up their register for proof.

Thank you so much for your clarification, this all so new to me.

 

[$2rip]

Now Holland & Leaf want me to send them $25,750.00 US dollars for something called warrants which I've never heard of?

I told them to go to hell :clap:

 

[pboyles]

Now Holland & Leaf want me to send them $25,750.00 US dollars for something called warrants which I've never heard of?

I told them to go to hell :clap:

Remember the 'advance fee' part of the scam that was mentioned a few posts back? Same scam different name, just one more way to get you to send them money. Well done for avoiding it.

 

[$2rip]

Case study
An investor who contacted the FSA, purchased shares at a total cost of $37,500 from an unauthorised firm describing itself as a broker in Switzerland. About 18 months later, he was contacted by a different firm which described itself as an American settlements company, offering to sell his shareholding for almost five times the original purchase price. However, the investor was required to pay a "withholding tax" of $8,850 in order to complete the deal. After paying the money, he shortly afterwards received another call from the firm saying it needed a further $57,000 in order to complete the transaction. The investor declined to send more money and to date he is still holding his shares but has lost his $8,850. [/url]

The way I see it - this invertor lost $37,500 + $8,850 = $46,350.

What a scam....incredible. Outrageous really.

 

[pboyles]

The way I see it - this invertor lost $37,500 + $8,850 = $46,350.

What a scam....incredible. Outrageous really.

I have read several stories here about people losing hundreds of thousand of pounds to these scams. Generally its not the initial purchase that does it but all the extra cash that people are conned into sending for mergers, exchanges, warrants, derestrictions etc etc. Royal Petroleum was one that ran for a while and there was someone on that thread that had lost a couple of hundred grand.

You can expect to hear from them again I'd guess.

 

[$2rip]

I've reported Holland & Leaf to the FSA as well as the police. Both have said that they have received numerous complaints about H & L and that they are a boiler room scam currently under investigation by Operation Archway. Besides the usual scams they have apparently been sending out forged "bank" documents and pretending to be bank employee's which is a rather serious offense as I understand it and will be their undoing. These crooks will be caught!

If anyone else is speaking with Holland & Leaf and you recieve a telephone call from a foreign "bank manager" make sure you get their name and call back tel#. If this person claims to be able to release your monies from the escrow accounts of Shanghai BEWARE...this is their new scam and you WILL lose your hard earned money.

REPORT any dealings with H & L to the FSA IMMEDIATELY.