We recently reported that the UK Financial Conduct Authority (FCA) issued an investor warning against the Group 500 (www.group-500.com) scam broker. We have subsequently been contacted by victims of the scam who have provided us with additional information. Around 30 victims who have lost around GPB 1M and their lawyers are pursuing the Group 500 network. The victims have discovered that apparently Genesis11 (www.genesis11.com), as well as S J Global Investments Worldwide Limited, Pearlwealth Limited, and other companies, are also part of the scam network. We would like to know more.
According to the information on the website, Genesis11 is allegedly operated by UK-registered SCOTHOP LIMITED where Romanian Ilie Adascalitei, born in July 1970, is registered as director and beneficial owner.
Victims also made deposits through two UK firms, J S Global Investments Worldwide Ltd (www.sjglobalinvestments.com) and Pearlwealth Ltd (www.pearlwealthltd.com). In both companies, the British Neil Walsh (LinkedIn), born in February 1965, is in use. Payments to the Group 500 scam were made through the bank accounts of these companies. In this environment, the registered charity Umbrella Foundation (www.umbrellafoundation.org) has also emerged, through which funds of the scam are said to have been channeled. The foundation is based at the address of J S Global Investments Worldwide Ltd in Norwich, United Kingdom, where Pearlwealth is also registered. Both companies also share an address in Dubai in the Latifa Towers.
Victims report that the boiler room agents behind Group 500 and Genesis11 state that one would operate under the umbrella of FCA-regulated Gair Loch Enterprises Ltd. This company has since been renamed DRW Global Markets Ltd, is in fact regulated by the FCA under reference number 746273 but has nothing to do with the scams. The victims were able to establish this through their lawyers.
We would like to know more about the scam network around Group 500 and Genesis11. If you have any useful information, we would be grateful if you could share it with the victims and us.