Forst Finance AG demands commission up front

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Forst want payment up front - see last entry

Nov 2010

I ask people who have further information on these crooks to add comments.  The Forst website appears to be taken down.  The more we can all do to bring these people to book, the sooner we obtain closure.  The money would be a bonus.

Background

I was initially approached. A small investment was made. Very quickly the value of this went up and it was transferred to purchase shares in Norseman Gold. It was suggested that I added to this.

Norseman Gold shot up, so it was nice to see my investment doing so well The Exit strategy transferred shares to another company (subject to confidential document and I don't wish to give them ammo) and I added substantially to this.

This was quickly, really very soon, transferred to Prestige, I was asked for more money to make me a kind of premier league client. I refused but that did not really present a problem.

I was told my 'cash-out' date, which came and went.

Then I was contacted again - reasonable explanations for the delay were given.  There was a revised expectation date, first a confidentiality agreement had to be signed (again) and some paperwork arrived, duly processed, scanned etc and returned.

It is only a 'small while' since the proceeds from the sale should have turned up in my bank.  But delays 'scare' me.

Alarm Bells Ring - investors becoming worried

Some investors with Forst Finance AG are worried about the safety of their investments as:

  1. The 'cash-out' dates have not been met - these were several weeks ago
  2. e-mails sent to forst finance ag are not answered
  3. The Swiss phone number has had a fault for several days
  4. The 0870 number always puts you onto voice-mail and your call is not returned
  5. Filling in a contact form on the Forst Finance AG site and the submitting results in a 404 web page not found error.

I would assume that points 1 thru 5 are a substantial basis for concern.

The signs were there

 Let's get the embarrassing bit over with.

The FSA and Finma both have Forst on their blacklists, at the time there was nothing about actual scams just the possibility of....

If it happens that Forst get in touch and do what they said they would, this hub will be taken down and replaced with an appreciation.

What are the chances of this happening?

What to do

 At the moment, I would not wish to compromise the advice given to me by individuals.

If you send me an e-mail address, I can reply.  The first requirement would be copies of your advice notes so that I know you are who you say you are!  We can then discuss what collective action can be taken in the event that Forst don't do as they promised.  Any comments must be based on fact, not emotion.  That is, they must be substantiated and be seen to be representative of the experiences of most investors.

Finally, when it is too late!, it seems that to give a foreign enterprise a 'go' will always backfire.  If it is not approved by the FSA, or at least other country's regulatory bodies, it is probably too good to be true

Commission

The deal is done; our money is being held by Forst and will be released only when we have paid their commission.

The investment has grown spectacularly in much less than a year. Full credit for their market know-how. Their representatives performed uncannily accurately - much of what they said would happen did occur. Well Done, Forst Finance AG.

The commission is such that it approximates to near enough 40% of what the investor put in. This means that for every £100 you invest you have to find £40 - it would have been closer to £50 but for the fall in Sterling.

When we invested we were not told that commission would be payable before release of funds. Most of us have already been through agonising doubt as to the investment and the fact that these are overseas traders on the FSA unauthorised list. It is relatively simple to not be on that list. The FSA have, apparently, received complaints about Forst, but I was prepared to give them the benefit of the doubt when they called later than they had said, but that was fair enough - delays do happen.

We entrusted them with our money - now they want to overstep reasonableness by asking us to give them an amount of money which is 4 tenths of what we invested.

Most investors have limited free money, most is tied up in other investments.

It is not many services that ask you to pay upfront before the transaction is complete.

Those that do normally take your money and run.

Which is why I am very very wary.

Suggested Action

In an ideal world, Forst would deduct their bit and forward the rest.

A possible solution  is as follows.  I admit to not  being happy about it.

They either hold the money or else a third party is holding it.

Each investor can work out what they need to see their original investment back plus the commission Forst are demanding. If they are insistent on getting money before the whole payment is released, they can release sufficient to enable the investor to 'break even'.

The investor can pay the commission, whereupon the rest of the moneys due are paid to the investor.

Update

I have talked with other financial institutions and with financial advisers. They all say that on no account part with any money to claim that which is yours by right.

I feel that a situation where you 'have' to part with a substantial percentage to get what is already yours by right is unacceptable and stinks of 'scam'.

I shall check with the FSA (hoping to avoid the 'too late lecture on investing overseas with unauthorised firms') whether there has been a precedent for firms getting commission upfront and the investors coming out smiling. I suspect there is no precedent.

Ok (June 6th) just had an e-mail bounce from Forst - this is the latest suspicious move in this saga where I have been tolerant.  This is a scam.  If they want to dispute this, then get in touch and give us our money back.

Words cannot explain how I feel.  I can take the loss of a bad investment turning into a failure, but not outright theft..  They have caused hardship, not just financial but in terms of self-confidence about making right and wrong decisions

Comments 17 comments

PoorerFool 4 years ago from UK Author

Guardian Partners LLC appears to be the hub, round which people like Forst circulated, so we need to expand our horizons to include all those who had dealings with GPL. Anyone who has please contact me via this hub.


PoorerFool 5 years ago from UK Author

Justin

I urge you to look at the London Police website and click on the pertinent links


Justin 5 years ago

I too were sold PPP shares (have share certificate) from Forst Finance.


PoorerFool 5 years ago from UK Author

It seems that things are at a doldrums stage! Anyone who has written in or new people who have been cheated, please make an entry.


PoorerFool 5 years ago from UK Author

It is very very apparent that a wider scam has taken place. I urge you to look at the London Police website and examine their links.

Don't give up - if there is any chance of getting your money back you need to act immediately


PoorerFool 5 years ago from UK Author

It appears that Mitschka was also a vehicle for investing into Prestige Property Portfolio. Have just sent PPP an e-mail. No prizes for guessing the probable result.


zara hussain  6 years ago

I was approached by Forst finance , so many times every day telling me to buy Norseman Gold shares at a reduced price and also wanted me to buy Alamos gold and said they will give me bigger discount because i would be buying more. Some or other they thought I have a lot of money, it is when I told them I have lost quite a lot on shares especially Barclays, they advised me sell at a loss and buy these shares which they said are going up by a larger percent everyday. The man I dealt with, he gave me his name as Nick Barrington, he sounded British and well spoken. I still got his name and telephone no. in my mobile . the number he gave me was an 0870 no. So like a fool I sold my shares at a loss and went to buy the Alamos gold, it is then I discovered , the call was diverted and the man in the middle said he doesn't know about this company called Forst Finance and then I put my phone down. soon afterwards i get a call apologising that the man was new to the firm. and I questioned the caller from Forst finance and asked who is Nick Barrington , and the caller praised him and said he is one of the top dealers and also said the company Forst finance is situated in London. He lied , he gave me a bogus London no. and I couldn't get through , thankgod I didnt get caught in this trap and I saved my money.

But I have got caught in the past anothr company called Andaman Asset, I am grateful to HSBC bank who stopped me sending the money . and also I would have lost £50.000 to Forst Finance if the man in the middle didn't slip up. now I am extra cautious.


PoorerFool 6 years ago from UK Author

It would appear that putting my e-mail address makes this commercial. If you need me to contact you then see if hubpages will accept yours. I am sure it is acceptable on other hubs


PoorerFool 6 years ago from UK Author

Finma is the Swiss Financial Regulatory Authority -

FINMA publishes also a list of companies who perform activities that fall under the supervision of FINMA without possessing the necessary authorisation to do so The objective is to alert the public about the activities of these companies.

Forst Finance is on the above list of unauthorised institutions since 4 May 2009 (Forst Finance is neither registered in any trade register of Switzerland nor can an entry in the official phone directory be found. There is no indication that a company called “Forstfinance” has a physical presence in Switzerland.

FINMA cannot assist customers in the redemption of payments made to unauthorized entities. Should you choose to pursue the matter, you could lodge a complaint with the criminal authorities of your home country. Alternatively, you may wish to pursue the matter directly with the entities to which you sent money and their respective regulatory authorities. You could also follow-up with the company whose shareholder you are.

It is looking more and more likely that we won't see our money back


PoorerFool 6 years ago from UK Author

Gilly, the guy I spoke with was Scottish and named 'Anthony Wallace'. You actions were the same as mine.

I was too kind in describing them; in claiming that the takeover of Prestige had occurred, they lied. These people are all thieves. I see no reason why investors should pay to banks overseas


Mickyd 6 years ago

Regarding Forstfinance: It is a scam. My experience with them is very similar to the above. I ended up with nearly 9000 shares in Prestige, (FAKE). A Russian company, Taigra Industries, ( FAKE ) wanted to buy them, giving me huge profits. The transfer never happened. The reason being, after paying forst commision up front, stupidly,the "russians" wanted 15% tax paid before they would release the money. I queried this and heard no more from Forst, until I received a share certificate through the post for Prestige, then a letter saying Forst had gone into liquidation. I have since checked out the money transfer people that were used and they are all dodgy. Stable door and all that I know. If it helps anyone, here are the names. DO NOT DEAL WITH.......Guardmann Escrow,London, GPL (Guardian PartnersLLC),Atlanta, BGolds, Tampa, Florida and First Shield, Fort Lauderdale, Florida. These are just the ones I dealt with, I'm sure there are many more. Prestige Property Portfolio is not a registered company, neither is Taigra Industries. I've also had a "Simon Bower" cold call me from "Allianz Global" (Rome) about buying shares in Bio-Defence, as recommended by Lord Guthrie no less, all crap. FMG Global (Panama) wanted me to put money into an account so they could play with it on the forex maket, more crap. Don't get taken in like me. These bastards are cruel and ruthless. Don't let them win!


gillyscfc 6 years ago

hi all

i had some dealings with this company and have hd all the same problems ect.

i invested in norseman gold only to be sent prestige property cert.

was the guy u delt with have a scottish accent and called andrew cambell.

i sent my money from my bank to a account in the name of guardian partners llc who use citi bank does anyone else have any info on them or any news on where forst fianance have gone.

thanks phil


PoorerFool 6 years ago from UK Author

It seems that Forst are going into Liquidation - no surprises there.

So we are being given share certificates

Raises an issue or two. Thought the PPP shares had been bought, after all that is what we were asked to pay the commission (up front) on. So... did they lie?


PoorerFool 6 years ago from UK Author

OK, you can see the link from 'this is money'. Clicked on it, then searched for Forst on the thisismoney site - nothing found. I know this is difficult, how do we know that this person was to do with Forst? Initial research does not link this name with Forst but I am always willing to be enlightened


PoorerFool 6 years ago from UK Author

Paul, Look at the London Police website for guidance as to what to do. Communication with Forst is not happening by all methods that WERE possible - they are all 'broken'.

Because I was unable and unwilling to part with their commission money up front, they said I would have to wait a year or more until the company was 'floated' as an IPO. I did not understand why etc. I asked for clarification via e-mail. No e-mail.

For an honest company, they exhibit very bad customer care, therefore we have to assume the worst.


PAUL 6 years ago

I have shares in prestige property but twice they have put the wrong first name on the certificate I told them about it but nothing was done I have not singd any letter and they will not answer my e-mails or phonecalls and I hame thinking of bringing in the police, any comments


KW 6 years ago

No contact from them for months.

They need to be investigated by the police. But this will cost money so they're not going to do it.

Forst steals our cash and get away, without cause for concern because the police won't go after them.

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    On or about the 26th April 2010 this message appeared on this hub, then it disappeared, I don't know why.

    Also let me tell you. All you have to do is Google Shaun Rumsey and you will find your man who took your money. Look and search in the thisismoney website

     

    ANYONE have any thoughts about this?

    l

    Beware shares sold by Forst Finance AG


    Put the above into the search engine on the mirror blogs site


    I have been extremely. rude (my lame excuse it is too upsetting to face up to the ill-judged actions I made). by not commenting on the comments above Yes I paid to overseas accounts such as First Shield, Gaurdian (GPL). London Police have my information.


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