Tag Archive for Money Loss

Court Order To Take Control Of Banners Broker Issued

 
The website of suspected pyramid scheme Banners Broker was down yesterday as investigators received a court order to go after assets linked to the firm in Canada.
Around 12,000 Irish people invested in the scheme and collectively handed over millions of euro.
The company, which claimed it could make people rich though online advertising, suffered a major blow earlier this year after liquidators were appointed to Banners Broker International Ltd (BBIL), which was based in the Isle of Man.
This week the liquidators obtained a court order to take control of anything owned by BBIL and to compel its Canadian based operators to reveal the whereabouts of the company’s assets. 
Court papers reveal the growth of the company, how it moved its assets and the efforts by investors to recover their funds. 

Affidavits filed with the court said: “An online cloud-based business, BBIL’s operations were international in scope and  its physical presence in any one jurisdiction was negligible.”

Irish people were among the first to be duped by the scam. Banners Broker Ireland Ltd was set up in December 2011. 
Under an agreement the Irish operation was entitled to 5 per cent of all sales in Ireland and 7 per cent if it hit a turnover of more than

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Claims Can Be Lodged For Banners Broker Loss

 
Those who put money in the collapsed Banners Broker investment scheme have been given the opportunity to stake a claim for their losses.
The joint liquidators of Banners Brokers International Ltd in the Isle of Man have also taken steps to inform investors about the ongoing investigation into the company’s affairs.
A website has been established where information documents can be downloaded and proofs of claim submitted.
These are to be supported with bank statements showing the initial investment and the pictures of the onscreen balance currently held in Banners Broker accounts.
The move comes three months after the joint liquidators, Paul Appleton and Miles Andrew Benham, were appointed following concerns about the conduct of the suspected pyramid scheme.
Immediately after the liquidation of the Isle of Man company, and the seizure of up to £6m (€7.5m) in assets, the Canadian-based owners of the operation claimed the bulk of their resources had already been moved to a sister company in Belize.
The cash in the bank in the Isle of Man was described as a rainy day fund which was not core to their business.
A statement on the advisory website said the joint liquidators were still investigating where the rest of the company’s money is held.
“The

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