Ian Adlington (Newport Capital Ventures) took $26,000 from my company under the promise that it would be used to set up a new UK company that would be funded by a Cayman Island investment fund that he managed. My company was to have complete control of the new company and funding was promised with 72 hours of completion of documents. But the documents were never completed and excuses kept mounting.
Ian would not show for meetings and stopped returning calls. Upon further investigation, we found that he did not represent any of the funds he claimed. We trusted him because he came as a referral from a business associate, who now claims they had no idea. Hes a very sharp guy with a very believable story. Ultimately hes a con man and a fraud.
From what we've been told by his senior partner, Glenn Easterbrook, this scam has snared dozens of people who have given money on the promise of funding and then strung along for months or years, until they realize they've been had and there's nothing there.
We are now taking civil and criminal action against him, Newport Capital Ventures and his COO Masha Karubian, who was intergal to this fraud.
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