TheOriginalP
Private
- Messages
- 23
Surely his personal assets will be confiscated if all this comes out as a scam anyways? - Due to buying with ‘dirty money’
Ponzi Scheme investing4you.co.uk scam forex investment
- Thread starter uptheiron
- Start date
Guaranteed profits become guaranteed losses.
CallMeSergeant
Recruit
- Messages
- 42
Threats of violence are not tolerated.
That’s if he has personal assets of 1m, my guessing would be that his assets are his house and that car which probably do not equate to 1m.
Deffo worth a shot though
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Deffo worth a shot though
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FPA Forums Team Note: Threats of violence are illegal and will no be tolerated. Any further instances like this from you or anyone else in this thread will result in an immediate ban.
Joshthedog
Private
- Messages
- 15
Dec will lose his assets under the Proceeds of Crime Act. Trading without an FCA licence (irrespective of scamming people) is sufficient. There is no point pursuing him in the Civil Court. *I’m not a lawyer though.
Uptheironz
Recruit
- Messages
- 31
This is one for the experts among us.. so who’s the scammer ? Declan or the broker or both ?
I can also confirm this
whatreally
Recruit
- Messages
- 4
Don't waste your time or money. Looks like he had **** all until he got his grubby little mits on everyone elses money
johnmagner989
Private
- Messages
- 13
"If" - alot of possibilities in there. If he got prosecuted and pleaded negligence rather than dishonesty he wouldn't be convicted of fraud. What then?
Alot of speculation. Proper legal advice is required and I'm saying we need a no win no fee lawyer who will want to go after a substantial sum of money so it will need to be a class action.
Dirtopper22
Private
- Messages
- 34
This is the UK not Mericaaaa!
We don't have class actions in the UK
We do have a GLO "Group Litigation Order" however theses are only for civil cases not criminal.
Let the Police do there job and report your investments to them...sit...and wait.
We don't have class actions in the UK
We do have a GLO "Group Litigation Order" however theses are only for civil cases not criminal.
Let the Police do there job and report your investments to them...sit...and wait.
forexforyou2021
Corporal
- Messages
- 72
Good to see some proper conclusions being made..think the penny's dropping. Finally.
like said the mistakes he's made is he hasn't a clue who's money he and his friends have been blowing!
..this town attracts city "clients" that want there money "washed" like a previous post has suggested. That makes this a whole new ball game with regards to money laundering charges and police investigations , resulting in some unhappy people, who i doubt will accept someone keeping houses, and cars etc...the law usually has its hands tided with red tape etc..but others dont...the scam is plain to see , its been around for years...just its hitting the "behind the time towns" now ..
like said the mistakes he's made is he hasn't a clue who's money he and his friends have been blowing!
..this town attracts city "clients" that want there money "washed" like a previous post has suggested. That makes this a whole new ball game with regards to money laundering charges and police investigations , resulting in some unhappy people, who i doubt will accept someone keeping houses, and cars etc...the law usually has its hands tided with red tape etc..but others dont...the scam is plain to see , its been around for years...just its hitting the "behind the time towns" now ..
Pharaoh
Brigadier General
- Messages
- 20,320
If there really was a broker and if the broker knowingly accepted 3rd party deposits via Declan Nowell (so far all reports are that all money was sent to his personal accounts), that would be a serious AML violation. If the broker promised unreasonable rates of return, that could also be of interest to the courts. If the brokers actually said something like "bring us victims to be fleeced and we'lll give you 20% of all deposits" that would definitely be criminal.
But remember - Declan not only accepted the deposits, but paid the withdrawals very quickly. Are we supposed to believe he paid those out of his own funds while waiting for the withdrawals from the broker? Whether or not he placed some or all money in a broker account and whether whether or not any trading in the account was done by him or by someone else, he was actively accepting UK clients into what was purported to be an investment plan without being registered with the FCA. Even if he was somehow colossally stupid enough to be tricked by a broker, he violated numerous regulations and could also be charged with gross negligence. There's also the highly variable story about his FCA regulation status. This shows he was indeed aware that he and his company needed to be regulated. That's going to make any "But I'm just a gullible person who was used by an evil broker" defense very easy to challenge.
So, Declan is definitely not going to get a free pass even if he can successfully shift some of the blame to a broker (which may or may not exist and which may or may not have done anything illegal).
It's very common for Ponzi schemes to have a trading account, often even one with a well respected broker. The trick is that only a small fraction of client/victim deposits ever go into the account. Every time I've seen this, the account was losing.
Very few lawyers skip all upfront fee and costs unless they are very sure of a large settlement. The only immediate use I can see for a civil lawyer might be to place a lien against any major assets that he could sell (like a house and a car - assuming the car was purchased instead of rented) if the titles to those haven't already been secured by regulators or the criminal courts. Beyond that, keeping a lawyer on standby wouldn't be a bad thing. Since there's a chance that the criminal courts will grab all available assets, any law firm will be hesitant to invest a lot of time, effort, filing fees,etc. for free at this point. IOn the other hand, if criminal courts and regulator aren't thorough enough at trying to recover the fund, having a law firm that's already familiar with the case would be useful.
