Were you a victim of the Transglobe, Arck and HD Administrators pension fraud scam?
Transglobe Independent Financial Advisors, Arck LLP and HD Administrators were a group of related organisations who worked together on a complex fraud to cheat UK pension-holders out of millions of pounds.
Millions squandered by company directors
Formerly known as The Carbon Partnership Limited, the Harrogate-based Transglobe Independent Financial Advisers were declared as being in default by the Financial Services Compensation Scheme (FSCS) on 25 February 2014.
The firm was closely linked to Arck LLP and their host of unregulated investment offerings (UCIS) was made available through financial advisers like Transglobe between 2006 and 2012, including:
- Estrela Santiago
- Paradise Beach
- Joyston Alternative Asset (No. 4) Ltd
- The Lanesborough Fund PCC – Global Fund II Series 1 (a protected cell company set up in Mauritius).
The promised returns of up to 40% on these investment schemes were enough to have some IFAs scrambling for a piece of the action, despite the dubiously high commission payments made to introducers.
It has since come to light that hundreds of investors in the Arck schemes lost an estimated collective total of £60 million. A liquidators report disclosed that Arck directors – Richard Clay and Kathryn Clark – had received in excess of £4 million from the firm which had been squandered on yachts, fast cars and fancy holidays. A subsequent investigation by the Serious Fraud Office (SFO) against Clay and Clark resulted in jail terms for both.
Also implicit in the fraud was SIPP provider HD Administrators, another firm directed by Kathryn Clark. It was found that HD had collected a tidy sum of £9 million of held funds on behalf of connected companies that were “earmarked” for future investment – an action outwith the firm’s regulatory permissions.
As the practices of HD Administrators similarly began to unravel, it was itself declared as being in FSCS default on 19 January 2016.
Do you have a claim?
If you lost money as a result of pension advice from Transglobe Independent Financial Advisors or one of their associated companies you may have been the victim of pension fraud and could be entitled to compensation.
The team at Beat the Banks will use our years of industry experience to assess your case and advise you on the next steps to take. Call us on 0800 193 1234 for a free, no-obligation consultation to find out how we can help you.