Help/Advice Needed Post Reply

[Help Needed]

Hi there everyone
I hope you don't mind I am a regular poster on NappyValley but I have created a new account for this post as Im embarrassed and not sure what else to do.

A few years ago I went to an Angel investors club as I was invited by a friend. It all seemed quite intriguing as I had a bit of savings and I wanted to put my money to work and invest in an up and coming start up business.

Long story short, after a few months of different offers they presented a some what different proposal than I was expecting but it was a good cause and the financial return was excellent. So much so that the Angel investors company said that my investment was backed by a AAA rated insurance company. So nothing to loose I invested all my money.

Since then the promised return has disappeared, stating all kinds of reasons for no financial gain. Which was terrible news as my money had done nothing for years while waiting but at least my money was backed by the AAA insurance company right? Well no apparently that never actually happened which I was never informed of.  Then I found out the Director has since closed the angel investors company without letting me as an investor they still owed money to know.

I have been in communication with the Director of the angel company multiple times and he promised to give me shares in another start up company to make immense but nothing has ever come of it.

Now he just ignores my emails

What can I do? It was everything I have ever saved 

[Bellevuelaw]

Hello Help Needed,

I am very sorry to hear about your situation.  We regularly support clients with business disputes would be happy to advise you on this if you would like.  Please get in touch at hello@bellevuelaw.co.uk or on 020 3432 2110.

Best wishes,

Florence, Bellevue Law

[Ratski]

How much are we talking? Do you have his contact details and address?

There are people who can help you recover it for a % fee.

[ronangel]

Contact person on the phone/email explain that if your money is not returned in 7 days (No excuses) You will be making an official complaint to the Fraud squad police Scotland yard.That will get things moving quickly!
Or just make police report without saying anything to him!

[DSil2]

Hi, my late Father was scammed in this way a few years ago by a different company. You can check on Companies House to see if they are still operating. I just had a look and it says Angel Investment Club Limited were voluntarily dissolved in March 2022. Also check whether they were covered by the Financial Conduct Authority. If so you can report it to them. This sort of scamming is going on all the time unfortunately. I hope you manage to resolve this.

[KEMS]

Sorry to hear this. Your money is very likely to be gone. Contact the Financial Conduct Authority. If it was an authorised firm and is now insolvent you might be covered by the Financial Services Compensation Scheme. If not, the FCA will want to know about it as they can consider criminal and regulatory proceedings (eg against the director) for investment scams in some situations.

[Mr fog]

Be very careful of “recovery scammers”. They claim to be able to help you get some if not all of your money back, but will demand an upfront fee for their services - and then promptly disappear. They may try to milk this with extra payments - often claiming expenses while excellent progress in getting your money back is being made. All nonsense to string you along. Please beware.

[DSil2]

I completely agree with the above. My Father was hounded by other companies claiming they could recover his investment (for a fee). He lost even more money. Unfortunately his name was on a "mugs list". In this country there are no restrictions from someone starting a company, going into voluntary insolvency, then starting another company a few months later.

[dimelda]

To:  Help Needed:   If you were told '.. the financial return is excellent', you should have run a mile.  It would have been safer to keep your money under the mattress.  And as DSil2 has alluded to, Britain is one of the least regulated countries on the planet.  Beware of those who say they can get your money back - they won't & they'll charge you for the service. 

[RaphaelChou]

Dealing with investment disappointments can be incredibly frustrating. It sounds like a tough spot to be in, especially with the promises made and the lack of transparency. Have you considered seeking legal advice? Sometimes, getting professional guidance could help navigate these complex situations and possibly explore options for recourse. Also, platforms like Waveup.com offer useful resources and support for individuals dealing with investment challenges.