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Letter to the Editor – The IOM: scheming, deceitful, contemptuous and hypocritical
The more we learn about the Isle of Man the more we come to discover that it has a financial services industry that is built of smoke & mirrors on quicksand foundations.
The banks & other financial institutions use the IoM as a cheap back street lockup that just take money & pass it on. A UK bank chooses to go off-shore for no other reason than it can operate with lower costs in order to make higher profits. The way the Manx finance houses advertise themselves is all smoke & mirrors designed to give the appearance of offering low risk security coupled with high returns on money placed there. The minute the benefits outweigh the cost these banks leave the island not on the next ferry (that's too slow) but on the next plane.
The simple fact is that once you deposit money in the Isle of Man it ceases to be yours! It becomes the property of the bank. You are nothing more than an unsecured creditor, a liability to the bank because it owes you money. The question of trust does not come into it, so if the bank goes bust you can only fall back on a discredited depositors compensation scheme that will not pay out 'on demand'.
If you have more than £50,000 on deposit you discover that there are secured creditors in front of you in the queue who will take what was once your money before you see a penny of it. Then you also discover that there's also those guys in wigs in front of you, & if the government can take a cut as well, it will. By the time you get to the cashier there's a huge chunk of your money gone!
The banks' information to potential clients is composed of 'smoke & mirror' advertising. The blurb is written to entice you to part with your money in their favour. You are a 'somebody' until you have parted with your money, then you become a 'nobody'. Unless you live on the IoM you are faceless - just a bank account number, a potential source of more money for them to make big money before you get your bit of interest. Then if it all goes wrong - tough! The bank's interest in you vaporizes instantly.
When KSFIOM shut its doors denying depositors access to their savings, did they get a letter of profuse apology from the bank directors explaining what had happened and assuring them that they would be living on bread & water until they had done everything in their power to see that they got your money back? No! Did they take a salary cut? No! Did they claim a bonus? YES! So now KSFIOM depositors have learnt at great personal cost & suffering that the IoM - its finance houses, its government & its failed Financial Supervision Commission - is scheming, deceitful, contemptuous & hypocritical.
There will be a day of reckoning.
Jim for Justice
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They failed. Not only did they fail, but then they spent over a million pounds trying to ensure their failure was covered up; they even failed there.
Now they try to make the very people whose lives have been destroyed pick up the tab of their attempted coverup!!!
Not only that, but they have built in the same coverup mechanism into the DCS as they had in the SoA - Even the KPMG administrators of the DCS state that they 'regret' the DCS means signing away the rights of those who sign up to it!!!
The good Manx people will soon realise (if they haven't already) that their polititians are destroying their small island in their sordid attempt to coverup their failings. There is a bad smell coming from Tynwald, and it is eminating from the direction of Bell and Brown.
Good for business.
Disastrous for depositors and investors!
To accept the DCS means you have to sign away your rights to everything for 50K. It's diabolical and another nail in the IOM coffin.
The fact that hurt me the most was that the Kaupthing Bank did not have the decency to write a letter to explain what had happened, and that they were sorry to have let their customers down. We didn't know anything until we went onto the website to draw out money to pay for a car to replace my 9-year old banger!
I have just written a book on pirates, and I send a black spot to all those evil doers on the IOM. Curse you to your early grave - you buggers!
This company boasts that taking out hefty bank loans to trade in second hand endowment policies is a low risk investment strategy, allied to depositing money in a building society – and when the pensioner’s lose 35% of their savings the company invent a huge and previously undisclosed “exit penalty” effectively forcing the pensioners to leave their saving in a failing fund.
The Isle of Man government classifies the fund as only suitable for experienced/professional investors, yet despite the fund’s highly specialist nature the company entrusted its retail distribution to unlicensed, unqualified and unregistered “introducers” who the company misrepresented as “professional” investment advisors.
This resulted in the fund obtaining bank transfers from pensioners with little or no investment experience.
The company appears to have copied marketing abuses of a government that boasts an ombudsman scheme, yet does not employ an ombudsman – and a depositor’s compensation scheme that (to date) has proved to be a nightmarish hoax.
Obtaining bank transfers by deception are criminal offences and it is a continuing affront to common decency that some “financial journalists” persist in recommending the island as a reliable place for people to invest/deposit money.
In the interest of protecting the international community, particularly vulnerable pensioners, it is imperative that every available media resource is recruited to expose the Isle of Man for what it really is - a center for orchestrating financial fraud.
Perhaps adding the words, conniving, conspiratory, nepotistic and squalid would assist in accurately conveying this message.
PREMIER SHAREHOLDERS ASSOCIATION
Campaign for Transparency, Truth & Justice
I am astonished that those to whom I have referred have made no effort to defend the accusations. Not a word from the Kaupthing directors, the FSC, the Treasury, the finance houses or a government spokesperson.
Are they all pleading the Fifth Amendment ?
Jim for Justice
blog: http://ksfiom-blog.blogspot.com/
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