Lakeview UK Investments
Lakeview UK Investments was yet another investment scheme endorsed by unscrupulous financial advisory firms to fall well short of investors’ expectations.
The scheme – another brainchild of Steven Wright and Lee Smith – centred around a lavish country club. The funding model was similar to the other Unregulated Collective Investment Schemes (UCIS) created by Wright and Smith, such as:
These were promoted extensively by Cherish Wealth Management (Wright was one of the original directors of this firm) and Black Star Wealth Management through their connections with Avacade, an unregulated introducer.
A trail of disappointed investors
Clients referred by Avacade were persuaded to transfer their pensions into Self-Invested Personal Pensions (SIPPs) and from there invest their funds in a range of UCIS on offer. In the case of Lakeview, money was borrowed from investors and then lent on to the “borrowing company” at an interest rate of 12%. A small percentage of the interest margin was taken to cover administration costs, with the balance being payable to investor bondholders. Or so they were led to believe. Unfortunately, as with so many of these schemes, the promised returns failed to materialise.
Both Cherish and Black Star have subsequently gone into liquidation, leaving a trail of disappointed investors in their wake. However, there is still hope for those who have had their pensions decimated by these firms. The Financial Services Compensation Scheme (FSCS) have received a substantial number of claims for Lakeview investments where advice was given via Cherish, who were FCA authorised as appointed representatives of Shah Wealth Mangement.
The FSCS has already paid out millions of pounds in cases involving these firms and other related organisations, and there will undoubtedly be many more claims to follow. We have helped a number of men and women who were left with nothing after investing in schemes such as Lakeview UK Investments, and we have the knowledge and experience to help you as well. Call us on 0800 193 1234 for reliable, honest guidance in regard to your next steps.