Law firm issues warning following investment scam

A law firm has recently issued a warning after it emerged that a wealth investment seminar was actually a scam.

Annabelle Vaughan, Partner and Head of Court of Protection & Wills, Trusts & Probate at Coffin Mew explains: “Several of our clients attended a seminar in January 2015, run by a company claiming to be a wealth investment specialist. Their slogan was ‘protection you can trust’ regarding protecting their assets.

“As well as drafting lasting powers of attorney and wills with the company, our clients agreed to transfer their property into trusts as well as £50,000 into an investment. The company assured our clients that they would act on their behalf as trustees and our clients were delighted to have professionals handling the job. As part of this, the company would oversee the logistics of moving the property and the funds – all our clients had to do was pay them to do it.

“Just over a year later our clients received confirmation of the investment, but that was the last they heard. The matter came to light during an appointment with Neil Irvine and Charlotte Smith from our Wills Trusts and Probate team”

Neil, an experienced trusts solicitor warns: “Always conduct a background check with a company you’re going to invest in and make sure they are registered with the FCA. Our clients are unlikely to recover their investment, but at least we were able to rectify the trusts and amend the Land Registry. We have also drafted new wills to ensure that, should the worst happen, our clients’ wishes will be followed.”

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