A devastated couple worry they've misplaced their life financial savings after investing with a controversial businessman linked to Scotland’s house race.
Chris Sheppard and spouse Elaine handed £60,000 to a agency run by self-styled “wonderkid” Michael Haston.
Haston – who additionally makes use of the identify McQueen – was beforehand allowed to speculate £2million in a Authorities-backed house port in Shetland whereas dealing with fraud expenses.
He's now charging £250,000 per week to assist entrepreneurs increase cash “immediately from non-public traders” – regardless of a Monetary Conduct Authority (FCA) warning over one other of his ventures.
Retired metal employee Chris claims to have misplaced his retirement fund after getting concerned with the Edinburgh-based businessman’s agency Satchi Holdings.
Chris, 60, mentioned: “My spouse and I worry we have now misplaced our life financial savings – £60,000 in complete. It's devastating.
“We thought we have been getting right into a protected, regulated funding bond that will give us an honest little earnings for our retirement.
“I used to be initially chilly known as by an organization who really useful I communicate to a agency known as Copia Wealth Administration about investments.
“I researched Copia on-line after which made contact independently and so they really useful this Satchi bond, which I used to be led to imagine would see our money develop by 9 per cent a yr.
“We determined we might transfer our ISA financial savings into the fund because it all appeared legit.
“The subsequent correspondence we bought was from Mike Haston at Satchi Holdings PLC saying thanks for investing – it was £30,000 from me and £30,000 from Elaine.
“The whole lot appeared superb for the primary yr – the funds have been coming by way of each month. However then they began to reach later and later and I used to be continuously having to chase them up.
“Over this time I spoke to Mike Haston a number of occasions on the telephone. Finally I requested for a full redemption of the £60,000 as a result of I used to be getting an increasing number of frightened about what I had bought into.
“Haston initially advised me that will be superb and he’d prepare for the switch but it surely by no means arrived.
“Then in January this yr I bought a letter from a agency known as Hartreel Holding saying that they had taken over the administration of Satchi.
“Communication decreased and it’s been months since I managed to get anybody on the telephone.”
Chris, from Deeside, Wales, added: “It's extremely upsetting and nerve-racking to assume that the cash is simply gone however no one appears capable of assist us.
“I've been on to Motion Fraud and known as the police in Wales and Scotland however no one appears to have the ability to do something – you simply
really feel that no one needs to take accountability for it.”
Haston as soon as went to court docket to attempt to gag our revelations a couple of fraud investigation. He was charged with fraud in 2017 as a part of an investigation which has now been discontinued by prosecutors.
The Monetary Conduct Authority has issued a warning to traders over one other of his companies, Leonne Worldwide.
Shetland House Port CEO Frank Strang has insisted he has reduce all ties with Haston and repaid his loans.
Satchi Holdings PLC stays an energetic firm and Haston is a director but it surely has by no means filed accounts and they're overdue. Haston is a director and controller of a agency known as Hartreel Restricted. There isn't any file of a Hartreel Holdings with Corporations Home.
Copia Wealth Administration is in liquidation and the FCA warned traders to “take care” if approached by “anybody claiming to be a consultant or agent of Copia Wealth Administration Restricted”.
Makes an attempt have been made to contact Haston.
He has not responded to requests for remark.
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