Forst Finance AG demands commission up front
Forst want payment up front - see last entry
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.
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:
- The 'cash-out' dates have not been met - these were several weeks ago
- e-mails sent to forst finance ag are not answered
- The Swiss phone number has had a fault for several days
- The 0870 number always puts you onto voice-mail and your call is not returned
- 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
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.
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.
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
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?
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.