Complaint / review text:
This is about a man living in Portsmouth Hampshire Mr Iain Stamp (MR IAIN COMPTON STAMP - RECENT NAME CHANGE), who has run Panzy Scheme through his offices in the UK, but through a complex IRISH COMPANY structures, where he offers investment bonds to business people, giving them 10 multiple in loans based on the value of ADVANCE deposit/fee they place with him. The deposits are taken in a USA based Escrow, but there is a side agreement where the Escrow agent breaks the Escrow without authority of the depositors and releases the funds to Mr Stamp's other companies in the UK that are not linked to the transaction. This Irish company structure benefits him as he is able to avoid being FSA regulated in the UK for his businesses, while he can advise and take funds in the UK.
The facts come from the Directors of the companies who have all resigned as they hope they would not be incriminated, and they have all bee threatened by legal letters. Other facts have come from research and from ongoing developments with each of the investors, who have lost monies thus far and do not see an easy way of recovering their positions.
The main UK Companies that have benefited from these Escrow funds are :
Integrity Reviews Limited - CO. Number - 04358016
wealth fortress solutions limited - co. number - 07475953
while others have been a channel for moving the funds and then being used for personal lifestyle and for funding other businesses.
These companies (The Irish and the UK Companies) paid out in excess of the amounts below to participate in the fraud knowingly and to threaten the investors.
USD 200, 000 to Jim Robinson Associates - USA
USD 400, 000 to Key Stone Law - London
USD 250, 000 to Tim Eppel - McFaddens LLP - London
Integrity Reviews Limited has an employee benefit scheme that holds close to Six Million which cash has been hived off in to a Belize structure, and it is made to look as though there is value of no consequence in this scheme while it is holding all the monies which has been drained out of the Irish companies, and all these companies have been left insolvent.
Another 3 million USD has been deposited in Stargate Capital Management Limited into a fund called FX Perpetual managed by Paresh Shah. Clearly how was these funds compliance cleared and how were these funds moved and received by a licensed company - another group coming to aid of money laundering.
The structure is based out of Ireland - see below, linked to a Belize trust, but all funds come finally into the UK and are for his personal benefit plus he has placed some with a asset manager for FX trading. The net result is - investor have lost their money, and the Irish auditors are mislead and audits are non compliant, but more than that 8 million dollars has come into the UK and none declared. The auditor has performed the audit based on 8 million usd in these companies and declare that the companies are insolvent, where as the audit should really reflect USD 88 million of losses and these companies should be Investigated and made insolvent. We believe there is foul play in the preparation of the accounts an the audits which has allowed Mr Stamp to continue his frauds rather than he being investigated.
Below is a copy of the letter sent to the auditors FMB in Dublin who are the auditors for Mr Stamps companies (I wonder if they had a hand in the accounts preparation too) - which is self explanatory. They have allowed the money to be laundered and allowed insolvent companies to continue trading.
I understand that you are the auditor for the following companies and you carried out the Audit:
PPF CAPITAL SOURCE LENDING COMPANY 1 LTD 529164
PPF CAPITAL SOURCE LENDING COMPANY 2 LTD 529933
PPF CAPITAL SOURCE LENDING COMPANY 3 LTD 529916
PPF CAPITAL SOURCE LENDING COMPANY 4 LTD 531099
PPF CAPITAL SOURCE LENDING COMPANY 5 LTD 541070
FOREX CAPITAL MAXIMISER SPV 1 LTD 537758
CS (A) FUNDING 1 LTD 550779
PPF CAPITAL SOURCE LIMITED 529163
We understand that for all the above listed companies the accounts were audited by your company.
It is quite clear from the accounts you have submitted that all the companies you had audited have a ‘going concern issue’ that is materially adverse.
You have provided an adverse opinion for all the companies involved.
The companies are all owned by Mr Iain Stamp – now named Iain Compton Stamp (he has changed his name). And apart from PPF Capital Source Limited which is owned by Galaxy funding Limited – a Belize trust which is owned by Mr Stamp.
Mr Stamp has created a Pansy Scheme with multiple number of investors who have been conned out of $8 Million. I am in contact with 5 of the investors who also invested in a Zero-Coupon bond.
These bonds were issued as loans. Mr Stamp was selling fraudulent bond offerings, that were offering a 1 to 10 multiple in loans (put down 1 and receive 10).
A bond offering which would be written off (non-recourse loans). These bonds were being paid within 90 days from the depositing of the funds by the investor in escrow.
You have legitimised his scheme and allowed him to trade, balance sheet total is over $ 80 Million with each company’s balance sheet over $6 Million, and this should be a full financial statement rather than bridged.
As of this date no one has been paid. Mr Stamp has closed all his websites and is not contactable and his directors including Mr Max Belvin have resigned due to his fraudulent activities.
All the investors are concerned and are now referring your audit to the IAASA as well as the police, due to the inconsistencies and also the blatant lack of oversight of this fraudulent scheme.
First and foremost
General over sight points of issue
In your Audits, it is quite clear you have not looked at these zero-coupon bonds which were issued – why and how did the various companies receive the monies
As payments for the bonds were to be made within 90 days of the bonds being issued, which would imply that the companies have an immediate liability from the date these received the funds.
And hence your statement for liabilities falling outside one year are false.
The liabilities are understated massively as the bond values are 10 to 1 which would imply the contingent liabilities of all the companies that have paid money into PPF Capital Source Limited should be at least $ 80 Million.
This is a huge misrepresentation of the accounts and it is quite clear that the company should have been referred to an administrator.
In all the companies accounts you have stated the companies are in real terms insolvent however are being supported by PPF Capital Source Limited. In the statement of the accounts for PPF Capital Source Limited you make a statement the accounts are not true and fair and the losses of 5 Million USD puts the company into material adverse position.
You make statements that the company, that is insolvent is supporting companies that are insolvent. Considering you audited PPF Capital Source Limited first you would clearly know the facts but you chose to falsify the results.
In terms of the companies, these companies which have money paid by investors were made insolvent by Mr. Stamp moving money into PPF Capital Source Limited to swindle it elsewhere, and at no point you refer Mr Stamp for using these funds and misuse blatantly and not report to Irish Regulator and Irish Companies House. Mr stamp clearly knew that he would put these companies into insolvent position by moving all the funds in a short time. As the auditor, you would have known these facts and you signed off on the fraud.
It is quite clear that Mr Stamp is misusing funds that are client funds and creating the scheme to swindle the funds abroad.
We the investors have spoken to Mr Jim Robinson Associates who was the Escrow person we paid money into, the lawyer acting as escrow, we provided no provision for him to move those funds, as can be seen from his website he holds no more of these funds. He has claimed that he left PPF from April 2015. He also claims that there was no money in the escrow account at the time he left which had all been transferred under instructions from Mr stamp which action itself was illegal and fraudulent. We are all astonished that as of 31 December 2014 there were 2.5 million dollars in a cash account as you have stated and within 5 months there is no more money left of that, it is clear he was acting fraudulently and recklessly and you failed to make it clear that he was acting fraudulently. What checks were made by the auditor on the forward cash position.
To add to the fraud under your exceptional items under PPF Capital Source Limited Mr Stamp has the audacity to make a legal claim of money he has lost and then he enters his UK Innovative TI Limited, where 793005 dollars will be given to that company as part of the claim. Mr Stamp has never provided his own money, and used third party money illegally without permission and he claims 70% of the proceeds of any legal action for his private company in the UK.
This is just fraud and how can this be allowed when you have seen the scheme quite clearly.
I PPF LIFE ASSETS – judgement 2015 – 15 Million Dollars into PPF CAPITAL SOURCE LENDING COMPANY 4 LTD - 20/3/2015 judgement, which was disputed funds returned in 2016 – disputed funds (bond purchase agreement with 6% yield), further fraud was perpetuated by Mr Stamp April 2015 in PPF CAPITAL SOURCE LENDING COMPANY 4 LTD where investor claimed that Mr Stamp was trying to steal their money by putting PPF LIVE ASSETS Limited into liquidation. Settlement was the fund went into liquidation and the escrow returned to the investors.
It is clear that FMB have made no investigation into where and why these funds came into the companies and then moved around the companies and where the funds went from the companies, leaving all insolvent.
It is clear FMB have acted irresponsibly in audit and provided a platform for fraud to Mr Stamp who continues in his activities.
These matters are now being referred to the following groups:
Garda police investigation team Ireland
IAASA – Ireland
And as these monies were used through USA and through USA attorney client account, this matter is being referred to the FBI under their advance fee fraud investigation team.
At no point, you have investigated money going from his personal trust to his own companies and at no point you have investigated where these funds went this leaving losses in all companies.
As this matter relates to money laundering and fraud this is also being reported to the UK authorities
You have legitimised his scheme and allowed him to trade, a balance sheet total is $ 80 million and with each company over $ 6 million, and this should be a full financial statement rather than bridged, but you have chosen to use the latter thus falsifying the results.
We are a consortium of investors