Author Topic: Bank Fraud in Jersey  (Read 52345 times)

Offline boatyboy

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Re: Bank Fraud in Jersey
« Reply #15 on: July 28, 2011, 04:23:26 AM »

At Least Ben Shenton made the effort to communicate, why is Phillip shafting Jerseys " good " reputation by not looking after customers. In saying that the author mentions

 It appears that almost all jursidictions

I would like to know if almost all,  includes the Uk ? if it indeed does, then why is Jersey not following best practice? selebi  more information please.

BB

Offline Calimachon

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Re: Bank Fraud in Jersey
« Reply #16 on: July 28, 2011, 06:24:03 PM »
Thank you for the update selebi.  I am glad that Senator Ben Shenton communicated with you  but I would be far more reassured if the Senator, together with other members of the finance sector and the organisations that oversee the regulation of the finance industry here in Jersey where active in helping to ensure similar repurchase offers taking  place in Jersey, in the name of justice. 
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Offline selebi

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Re: Bank Fraud in Jersey
« Reply #17 on: August 24, 2011, 06:51:36 AM »
Apologies, I had not noticed that there was now a page 2.

I am still awaiting a response from Jersey Financial Services to our recent e-mails where I provided information that Mr Harris did not appear to be aware off.  I just sent him a reminder tonight. 

Senator Shenton and Senator Ferguson so far are the only sign of support from government.  JFSC continue to say that they have no powers, so action must come from government.  The police say they will only act when instructed by JFSC - catch 22.

In response to previous statement I was lead to believe that investors in UK did have funds refunded.  Indeed at one point one senator suggested that I ask UK FSA for refund but they pointed out that they were only covering people who purchased in the UK and that it was up to Jersey to sort out those who purchased in Jersey.

Once again we do appreciate support being shown
George

Offline boatyboy

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Re: Bank Fraud in Jersey
« Reply #18 on: August 24, 2011, 04:41:22 PM »
Hi George,

Senator Ferguson used to work for Jersey Finance [ JFSC ]  in a high position so will understand your problems better than most. Senator Ben Shenton works in the  finance industry.

They are I suggest well qualified to be of help, as also being Senators  in the Government they know the right people to speak with. They want the Jersey Finance industry to grow. It follows that if bad publicity comes from cases like yours this will not help Jersey at all in its future success.

Please keep us updated.

BB
« Last Edit: August 24, 2011, 06:21:40 PM by boatyboy »

Offline selebi

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Re: Bank Fraud in Jersey
« Reply #19 on: August 29, 2011, 07:00:38 AM »
Just had an email from JFSC saying they will not act against Standard Chartered and do not want to hear from me anymore.  They are also not happy that I shared their e-mails with others.

Their position is that all verbal (recorded) and e-mail statements from the senior financial advisor Anna Pawlyzsyn do not count and cannot be considered.  The fact that the product delivered had a different name from the one marketed by SCJL is again ignored.  Much in line with earlier response when an official from JFSC said lying was only aggresive marketing.  Looks like SCJL can just sit tight.

Not sure where to go next.  Will keep everyone posted of new developments.

George

Offline danrok

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Re: Bank Fraud in Jersey
« Reply #20 on: August 29, 2011, 07:40:27 AM »
I'd imagine that JFSC is merely an empty glove puppet of the banks, et al.

In fact, they're all a load of bankers.

http://www.jerseyfsc.org/the_commission/about_us/structure/index.asp#

Offline Eddythealien2003

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Re: Bank Fraud in Jersey
« Reply #21 on: September 22, 2011, 02:26:54 AM »
I read the posts on this subject for the first time today after performing a google search. What made me perform the search was seeing a gentleman standing outside Standard Chartered today with a large banner higlighting their role in this investment.

What strikes me reading the allegations is utter surprise that the JFSC fail to act. Whilst there isn't currently an Ombudsman in Jersey they do have far reaching powers. Assuming the allegations are reported correctly on this website then there appears to be 3 issues:

1. The actions of the employee at SCB. It sounds like an employee on a sales based bonus scheme who deliberately mis-sold the investments to hit sales targets. It would be intriguing to know whether she remained with SCB, left of her own accord, faced disciplinary proceedings etc.

2. The actions of the bank itself. The individuals who have posted on this website I would suggest will only be the tip of the iceberg. The bank most likely set challenging sales targets for it's offices and then in turn individual sales representatives. The bank is licenced for deposit taking and investments ( and no doubt other catergories) both of these require them to maintain accurate records. The investment regulations would also require them to have processes and procedures in place to ensure miss-selling does not take place, that promotional material is compliant, sales personnel appropriately qualified and trained.

3. The actions of the JFSC. As a regulator a part of their role is to ensure the processes described in 2 above are taking place. It is possible that SCB had a rogue sales person who miss-sold a small number of times and was not therefore identified. However, if this was the case you would think they would be more forthcoming in reaching a settlement. I'm incredulous that a JFSC employee wold say that lieing was aggressive sales.

I note none of the individuals who have posted have made comment on any legal advice received. Personally, I think approaching local government officials is a waste of time.

Banks respond to a number of things:

a) threat of bad publicity - as it puts off future investors which affects profits;
b) threat of legal action - via a lawyer;
c) regulatory pressure


My advice would be:

a) Investors who have lost out should share information with themselves.
b) All investors to make subject access requests on SCB  regarding data held on themselves (you will need to make the request in writing, will cost you £10 and SCB have 10 days to respond) make sure you request all data regardless of format. There are reasons why they may be unable to provide you some types of data but remeber they have a duty to keep records..i.e. the absence of records could be an admission of a breach of regulations. The request may shed light on SCB 's own conclusions regarding your complaints.
c) Obtain professional legal advice

regards

Eddy


Offline danrok

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Re: Bank Fraud in Jersey
« Reply #22 on: September 22, 2011, 03:20:48 AM »
I believe the man you saw outside Standard Chartered would have been selebi / George, who has posted above.

Offline selebi

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Re: Bank Fraud in Jersey
« Reply #23 on: September 22, 2011, 03:33:57 AM »
Yes you are correct.  In some desperation I decided to visit Jersey and to protest outside Standard Chartered

In answer to earlier comment

two of us did get legal advice and it was that we had a good case against financial advisor BUT it would cost plus GBP100,000 each to take it to trial.  Out of question for my wife and I.

As far as I know Anna Pwalyszyn is still selling investments for SCJL

Thanks for support from those who stopped by today, appreciated it very much.

Thanks to the kind people above JFSC who brought down some tea this afternoon.


George

Offline selebi

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Re: Bank Fraud in Jersey
« Reply #24 on: September 23, 2011, 10:16:55 PM »
Now on way home.  Again thanks to everyone who had a chat and offered support.  Met in person with JFSC before leaving but regretfully was really a waste of time.  Much sympathy and hand wringing that they have no ombudsmen powers and cannot do anything.  Impression was that they would sooner not upset Standard Chartered.  According to JFSC the fact that "investment" supplied by SCJL had a different name to one we agreed to buy, had completely different features such as 100% exposure to US financial institutions rather than none, no protection rather than 100%, no market to sell it rather than easy to sell anytime and launched by Lehman rather than SCJL was not material.  Not interested in all the lies iether.

Any pressure that could be brought during election campain would be appreciated.

thank you all

George

Offline selebi

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Re: Bank Fraud in Jersey
« Reply #25 on: November 03, 2011, 02:39:26 AM »
Thanks to Eddythealien2003 for suggestion to obtain data from SCJL.  I requested it a couple of weeks ago and chased them again today, they are working on it.  Hopefully something can be found amongst the files that will persuade JFSC to do something.
Selebi

Offline Fritz

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Re: Bank Fraud in Jersey
« Reply #26 on: November 03, 2011, 04:01:56 AM »
Did you buy a Jersey £100 note before you left?

Offline selebi

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Re: Bank Fraud in Jersey
« Reply #27 on: November 22, 2011, 06:13:19 AM »
 Eddythealien2003 thank you for suggestion to get data from SCJL.  Unfortunately I think that they are stalling as say still working on it.  Is the 10 days just to acknowledge or is there a time limit to supply info?  If so do you know what regulation applies please?

Heard from Senator LeGresley yesterday.  He had a meeting with JFSC (appears that all roads lead there and in effect get derailed) who again said that they dont have ombudsmen powers, will not consider all lies from Anna Pawlyszyn or fact that investment name was changed etc.  He is therefore unable to help

Time to think of another tactic.

Will eep posted

George

Offline boatyboy

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Re: Bank Fraud in Jersey
« Reply #28 on: November 22, 2011, 07:11:21 PM »
Thanks for keeping us informed George, we have - half - a new Government after recent elections, lets see if they make the effort to protect Jersey´s International financial reputation.

Maybe Police Chief Mike Bowron could help after all you say you have proof that that you were lied to ( mis sold ) by Anna Pawlyszyn working on behalf of and for Standard and Chartered Bank, send copies of documents for his attention. It will put him in a firm position to act.

Several UK Banks including Barclays and LLoyds TSB have been found guilty of miss-selling and have been forced to re-inburse customers that have been targeted costing them  millions.

http://www.thisisjersey.com/business/2011/11/17/extra-police-officers-to-fight-financial-crime/

BB
« Last Edit: November 22, 2011, 07:20:22 PM by boatyboy »

Offline danrok

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Re: Bank Fraud in Jersey
« Reply #29 on: November 23, 2011, 01:54:21 AM »
I wouldn't trust a bank to look after a dead dog.

One day a person is working behind the counter of Spar, the next day they are working in a bank advising people on how to invest (loose) their life savings.