CyprusLiving

Foolishly, I invested my savings with, a then friend, Mark Farnsworth (ex De Vere/Alliance Partnership and now trading under Castle Consultancy/Expas in Kissonerga) who I thought I could trust as he told me he was a qualified financial advisor.

I found out later that he was not qualified at the time and at best he could only be described as a financial investment salesman.
He sold me an investment package contrary to my needs and instructions in order to secure the highest commission he could get.

I learnt yesterday that my substantial investment in New Earth recycling has vanished as the firm has gone into receivership/liquidation and that I would be extremely lucky to receive anything of my capital outlay.

Couple this with a likely return at maturity of only 8% of a much larger fund, I’ll be fortunate to see more than 35% of my total initial investment.

Also, I have not received any income I was led to believe would happen every quarter. Indeed, I have had to sell other investments to pay for the annual charges.
So, lesson is; do not take financial advice from anyone unless you check thoroughly that they are qualified, regulated, honest and reliable and do not receive commissions from their sales.

Angie

There has been much discussion about this man previously on CL, none good!!

A salutary tale Angie,

I have mentioned this before & will again - if you are investing, make sure you are dealing with someone qualified & regulated for investments. Many advisors across Cyprus and beyond are only authorised to deal with insurance products and are not regulated investment advisors.

Beware - be warned!

all the best

alsanic wrote:Foolishly, I invested my savings with, a then friend, Mark Farnsworth (ex De Vere/Alliance Partnership and now trading under Castle Consultancy/Expas in Kissonerga) who I thought I could trust as he told me he was a qualified financial advisor.

I found out later that he was not qualified at the time and at best he could only be described as a financial investment salesman.
He sold me an investment package contrary to my needs and instructions in order to secure the highest commission he could get.

I learnt yesterday that my substantial investment in New Earth recycling has vanished as the firm has gone into receivership/liquidation and that I would be extremely lucky to receive anything of my capital outlay.

Couple this with a likely return at maturity of only 8% of a much larger fund, I’ll be fortunate to see more than 35% of my total initial investment.

Also, I have not received any income I was led to believe would happen every quarter. Indeed, I have had to sell other investments to pay for the annual charges.
So, lesson is; do not take financial advice from anyone unless you check thoroughly that they are qualified, regulated, honest and reliable and do not receive commissions from their sales.

Angie

Caveat emptor.

Alan

On the back of all this please take the time to follow this link: https://www.aihitdata.com/company/01738 ... UP/history

If anyone has had dealings of any sort with this company, or knows anyone who has, please contact Mark Nowell.

Why Pat003?

The Castle consultancy/Expas office is now closed - good riddance.
However, the salesman, Mark Farnsworth, is still around as I have had the misfortune to 'bump' into him twice recently.

Angie