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Andrew Linn Charterhouse 12 per annum

FUND INSURANCE MANAGEMENT CORPORATION and CHARTERHOUSE TRUST CREDIT UNION

 

On 8th May 2006 the Gibraltar Financial Services Commission issued a public warning against dealing with Fund Insurance Management Corporation.

 

Fund Insurance Management Corporation is inextricably linked with the scandal-ridden Charterhouse Trust Credit Union registered in Sweden.

 

The directors of CTCU since 2001 are Andrew Linn, Alan Doust and Andrew Adams.

 

Correspondence on Fund Insurance Management Corporation letterheads establishes that:

 

Fund Insurance Management Corporation illegally claimed  an address in Gibraltar.

Andrew Linn is ‘Director General’ and also ‘Trustee and Authorized Signatory’.

Papers are signed ‘Andrew J. Linn (computer-generated signature)’.

The e-mail address and telephone number on the letterheads for Gibraltar are those of Andrew Linn in Marbella.

The address and telephone number on the USA letterheads are those of Andrew Linn’s business partner in California.

On the USA letterheads the ‘European office’ is Andrew Linn’s home in Marbella.

Reference is made in correspondence linking FIMC to Alan Doust and Charterhouse Trust Credit Union.

Fund Insurance Management Corporation was registered in Delaware in 1997 under number: 4566778901 but registration appears to have lapsed.

 

GIBRALTAR FINANCIAL SERVICES COMMISSION

Fund Insurance Management Corporation

The Commission has become aware of the activities of the above entity, which claims to operate from premises in Gibraltar.

This entity is not, and has never been licensed by the Commission to undertake any form of regulated business in, or from within Gibraltar. It is not a company incorporated in Gibraltar.

Latest informationFrom: Andreas Johansson

Sent: Tuesday, April 25, 2006 9:20 AM
Subject: SV: Charterhouse Trust Credit Union

>

Dear Gwilym Rhys Jones,

 

According to the records of Bolagsverket (the Swedish Companies Registration Office) the following persons is on the board of Charterhouse Trust Credit Union Ekonomisk förening: Andrew John Adams, Alan Doust and Andrew John David Linn.

 

Kind regards,

 

 

Andreas Johansson

-----Ursprungligt

 

See Below Charterhouse comments

"You will have read our comments regarding Charterhouse on this website.  The following is a response which has been publicly distributed by Charterhouse.  We publish this response in the interests of all those visiting this site in order to allow visitors to make their own decision regarding what course of action is most appropriate regarding the investment offerings from this unregulated and unauthorised Firm"

Also see Sensible Options on this site

Charterhouse

Offering 12% per annum with a Bonus!!

 

This company is fronted in Spain by Andrew Linn ( See Sensible Options) and John Findalter OBE ( See John Findlater)

 

The company is registered as an Economic Association at the Swedish Companies Registration Office, org number 769604-9597. The company is not under our supervision and has no licence to conduct business as a bank or a credit institution.
 
A Mr David Bryne invested £160,000 and has not been able to get payment.
The Costa Action Group were promised in a Fax dated 29th April 2005  by Lawyers Enrique Aguere Lorente  that a payment in full during the month of May would be made.
 
No payment was made
 
 

If a Credit Union establishes a presence outside Sweden (eg. Spain) it must comply with local rules and regulations in that country. Generally a Credit Union will display its Swedish identity giving out only its Swedish business address, e-mail address, telephone and fax numbers in promoting and advertising itself. It may then be able to operate in other countries without having to comply with local laws, but I think this is both optimistic and doubtful especially in this case.

 

Charterhouse has promoted itself in Spain. It is not known if it has advertised its presence and services or relied simply on word of mouth with sales people working in the expatriate community. In the case of Charterhouse Trust Credit Union it is clearly operating in Spain as its letter heading and forms show an address in Marbella, local telephone and fax numbers and indicate that it has an account at Banco Santander Central Hispano in Marbella. This would appear to render Charterhouse subject to Spanish banking and financial regulatory laws and any penalties that flow from their infringement.

 

The instruction form to Banco Santander bears the following information:

Charterhouse Trust Credit Union according to its papers has an office address at:

 

Edificio Golden, Ricardo Soriano 72, Marbella 29600

Telephone: 34 952 76 83 44  Fax: 34 952 76 83 01

There is also typed on the bank instruction a different fax number: 952 82 53 54

It would be interesting to know where these telephones are.

I suspect the first two numbers might be at Edificio Golden but the additional fax number is possibly where the business is actually operating.

 

Edificio Golden includes a business centre where businesses can rent office space by the day, week or month with on-site telephone answering and secretarial services. It will also act as a correspondence address. The much maligned investment scheme Sensible Options run by Andrew Linn and Leonard Berney operated from the same address.

 

A company search in Sweden with Bolagsverket (Companies Registry –Bolagsverket, SE-851 81 Sundsvall, Sweden  Tel: +46 (0)60 18 40 40 +46 (0)60 18 40 00 –

Fax: +46 (0)60 12 98 40 e-mail: bolagsverket@bolagsverket.se - http://bolagsverket.se   ) reveals the following information about the ownership of Charterhouse Trust Credit Union.

 

Charterhouse Trust Credit Union is registered in Sweden, registration number

769604-9597. Its directors are (some parts in Swedish):

 

      Funktion: Styrelseledamot

      Personnr: 19 610227

      Namn: Adams, Andrew John

      Typ: Utlandsbosatt

      Adress: 34a Salisbury Square, Old Hatfield, Hertfordshire AL9 5AF,

STORBRITANNIEN OCH NORDIRLAND

 

      Funktion: Styrelseledamot

      Personnr: 19 570926

      Namn: Doust, Alan

      Typ: Utlandsbosatt

      Adress: 4 Burlington Road, Swanage DORSET, BH19 1LS, STORBRITANNIEN

OCH NORDIRLAND

 

 

      Funktion: Styrelseledamot

      Personnr: 19 410713

      Namn: Linn, Andrew John David

      Typ: Utlandsbosatt

      Adress: Apartado 300, Edificio Mayoral E-29600 MARBELLA, SPANIEN

 



CHARTERHOUSE TRUST CREDIT UNION

Extracts from e-mails from statutory bodies and authorities

 

Charterhouse Trust Credit Union is registered in Sweden, registration number
769604-9597. Its directors are (some parts in Swedish, sorry about that):

      Funktion: Styrelseledamot
      Personnr: 19 610227
      Namn: Adams, Andrew John
      Typ: Utlandsbosatt
      Adress: 34a Salisbury Square, Old Hatfield, Hertfordshire AL9 5AF,
STORBRITANNIEN OCH NORDIRLAND

      Funktion: Styrelseledamot
      Personnr: 19 570926
      Namn: Doust, Alan
      Typ: Utlandsbosatt
      Adress: 4 Burlington Road, Swanage DORSET, BH19 1LS, STORBRITANNIEN
OCH NORDIRLAND


      Funktion: Styrelseledamot
      Personnr: 19 410713
      Namn: Linn, Andrew John David
      Typ: Utlandsbosatt
      Adress: Apartado 300, Edificio Mayoral E-29600 MARBELLA, SPANIEN


      Funktion: Delgivningsbar person
      Personnr: 19 431102-1259
      Namn: Malmborg, Leif Gustaf
      Adress: ABT, Box 45088, 104 30 STOCKHOLM


Leif Malmborg is the resident agent. He sells ready made companies and
economic associations (the form used for Credit Unions). I was surprised to
see his name in this entity. A couple of years ago we agreed to purchase a
ready made Economic Association from Malmborg. He received our payment for
it, but then he started complaining that the only possible reason for
non-Swedes to establish a Credit Union in Sweden could be for deposit scams.
We disagreed of course, since we have established quite a few credit unions
in Sweden for non Swedish clients. Anyway, this was when new registrations
of Credit Unions were not available. Now they are again, since last year and
I am happy that we do not have to look for ready made entities from people
like Malmborg. He kept our money but never delivered the entity. Since he is
so concerned about international fraud I think you should contact him if you
are concerned that he himself has helped establish one, and is acting as
resident agent for them. Tell him I said hello.

The only address known at the company registry for this Credit Union is
Malmborgs PO Box: Leif Malmborg, Box 45088, 104 30 Stockhom. You can call
Malmborg at +46 8 24 83 40, see his website for more contact details.

All the information I have provided in this message is public, and readily
available at the Swedish company registry. You can reach them by phone on
+46 60 18 40 40.

 

Dear Madam,

 

Charterhouse Trust Credit Union Ek. för. is registered as an economic association, reg. no. 769604-9597. For information about the association you could order a certificate of registration in English to show the address, the board members, the signatory power. Cost SEK200:- + postage + SEK50:- (bank charges for invoicing abroad)

 

We do not, however, register web sites, e-mail addresses or phone numbers.

 

We have no records showing O Borg or R Peterson as signatories.

 

Best regards,
Bente Ohlsson
Customer service division
_______________________________________________
 
Bolagsverket, SE-851 81 Sundsvall, Sweden 
Tel kundservice: +46 (0)60 18 40 40
Tel växel: +46 (0)60 18 40 00 - Fax: +46 (0)60 12 98 40
bolagsverket@bolagsverket.se
- http://bolagsverket.se

Regarding your query about CharterHouse Trust Credit Union Ek För.

Unfortunately I cannot find the above mentioned company in our register over companies under supervision. The mentioned register is available at the following website, http://www.fi.se/Templates/InstitutStartPage____2406.aspx.

Please contact Bolagsverket (www.bolagsverket.se) for furher information.

Best regards,

Carlos Barriuso
Jurist/Legal Counsellor
Rättsavdelningen/Legal

Finansinspektionen
P.O Box 6750
SE-113 85 STOCKHOLM
[Sveavägen 167]
Sweden

Telephone +46 8 787 80 00
Direct Line +46 8 787 82 90
Telefax +46 8 24 13 35
www.fi.se

 

 

I must point out that a company that recieves deposits from the public must, in normal cases, be registered with Finansinspektionen. Bolagsverket is only the registration authority for association in general.

Best regards,

Carlos
Dear sir,

Regarding your query about CharterHouse Trust Credit Union Ek För.

Unfortunately I cannot find the above mentioned company in our register over companies under supervision. The mentioned register is available at the following website, http://www.fi.se/Templates/InstitutStartPage____2406.aspx.

Please contact Bolagsverket (www.bolagsverket.se) for furher information.

Best regards,

Carlos Barriuso
Jurist/Legal Counsellor
Rättsavdelningen/Legal

Finansinspektionen
P.O Box 6750
SE-113 85 STOCKHOLM
[Sveavägen 167]
Sweden

Telephone +46 8 787 80 00
Direct Line +46 8 787 82 90
Telefax +46 8 24 13 35
www.fi.se

Regarding your question about Charterhouse Trust Credit Union Ek för.

The company is registered as an Economic Association at the Swedish Companies Registration Office, org number 769604-9597. The company is not under our supervision and has no licens to conduct business as a bank och a credit institution.
Best regards,

Kristina Werner

(Finansinspektionen)

Regarding Charterhouse,
You can get more information from Mr. Thomas Grahn on tel. +46 8 787 81 94 or his e-mail
thomas.grahn@fi.se. There has been some problems with bogus banks, registered as Economic Associations what we call "sparkassor", claiming to have a banking licence granted by Swedish authorities. There has been a loophole in the legislation but this has been eliminated from 1 July 2000. Consequently new "sparkassor" cannot be created any longer. However, some sparkassor registered prior to the 13 April 2000 are still oeprating as bogus banks.
I can not answer to what we are doing against these companies, but I think Thomas Grahn can give you more informationen.
Best regards,

Kristina Werner 

 

I can just add that this kind of entities has been a concern for a long time and Finansinspektionen has tried to take action against entities we suspect of illegal operations on various occasions. A difficulty has been that they mainly operate outside Swedish territory and are hard to reach. In some cases mostly in the US there have been prosecutions against people operating sparkassas with similar schemes. In a best scenario we can impose an injunction and a fine ift they don't cease the illegal operations, but we can not assist in getting people's money back i'm afraid.

 

I'm out of office now until the 13th June, but if you think it's valuable I can later give you some references to some of the sparkassa cases from the US and elsewhere. 

 

Best regards

 

Thomas Grahn   

(Finansinspektionen)   

 


--
Thank you very much. Sure we will do our best to get in touch with that sparkassa. I however know from previous experience that it is often a problem  to get any legal representative to sign that they have received our letters. That's a precondition for further actions. Let's hope for the best.

From now to 13/6 I'm out of office, but my collegaues are able to assist you further if needed.

 

Best regards

 

Thomas Grahn

 

 

      Funktion: Delgivningsbar person

      Personnr: 19 431102-1259

      Namn: Malmborg, Leif Gustaf

      Adress: ABT, Box 45088, 104 30 STOCKHOLM

 

Leif Malmborg is the company registration agent who provides a registered office in Sweden . He sells ready made companies and ‘economic associations’ (the form used for Credit Unions). As we know from the returned letter Leif Malmborg is not efficient at receiving mail! Charterhouse therefore has two British directors based in the UK and one British director based in Spain.

 

 

IPM Investment Program Management and Sensible Options are two companies involving Andrew Linn and Leonard Berney (also Marbella resident but not named in this matter). A few years ago the Dublin Central Bank issued a public statement and caution that IPM was not licensed or authorized in Ireland after the company issued documents with a Dublin address.

 

Two years ago Alan Doust and Andrew Adams advertised an unauthorized investment scheme in the Sur in English newspaper giving a UK address. The UK Financial Services Authority descended upon them very quickly to close it down under threat of prosecution.

 

Charterhouse has issued two guaranteed deposit certificates for 12% per annum. They are either very brave or very foolish. I think investigation will establish that the monies are invested in IPM or a similar investment scheme involving options.

 

The Charterhouse bank instruction to Banco Santander bears the signature of Andrew Linn. He is therefore obviously on the bank account mandate, but what is the name of the account holder? Is it Charterhouse, Andrew Linn or another entity? The transfer instruction refers to a transfer from Barclays bank in London to Banco Santander in Marbella and an onward transfer to the client’s bank account at Caja Murcia in Spain. This all adds up to prima facie evidence that Charterhouse Trust Credit Union is operating an unlicensed deposit-taking scheme in Spain. I do not claim to know the relevant Spanish law, but similar acts in the UK would be serious criminal offences.

The fact that the monies are being transferred from Barclays Bank in London would probably be of interest to both the Financial Services Authority and the Bank of England.

Charterhouse funds are probably transferred to the bank accounts of dealer/traders in the City of London using Barclays Bank in London as a conduit. When an investment is redeemed as in the present circumstances I imagine the traders sell out positions and transfer the proceeds to Barclays Bank from whence the funds would be transferred to Banco Santander in Marbella.

 

We e-mailed to Finansinspektionen (Swedish Financial Services Authority) - Maria Feldt and Ingrid Gavrell-Ullman) - whose address is: PO Box 6750 SE 113 85 Stockholm. (Telephone +46 8 787 80 00 Telefax +46 8 24 13 35 web site: www.fi.se)

 

We received a reply from and have been informed by Kristina Werner of Finansinspektionen that the person to contact about alleged breaches of regulations is Thomas Grahn on tel. +46 8 787 81 94 (e-mail: thomas.grahn@fi.se).

Ms. Werner confirmed the company is registered as an Economic Association at the Swedish Companies Registration Office (Bolagsverket) under no. 769604-9597. The company is not under Finansinspektionen supervision and has no license to conduct business as a bank or a credit institution

 

Apparently there have been some problems with bogus banks, registered as Economic Associations called Sparkassor claiming to have a banking licence granted by the Swedish authorities. There has been a loophole in the legislation but this has been eliminated as from 1st July 2000. Consequently new Sparkassor cannot be created any longer. However, some Sparkassor registered prior to the 13th April 2000 are still operating as bogus banks.

We  received the following e-mail from Thomas Grahn of Finansinspektionen:

‘‘I can just add that this kind of entity has been a concern for a long time and Finansinspektionen has tried to take action against entities we suspect of illegal operations on various occasions. A difficulty has been that they mainly operate outside Swedish territory and are hard to reach. In some cases mostly in the US there have been prosecutions against people operating Sparkassas with similar schemes. In a best scenario we can impose an injunction and a fine if they don't cease the illegal operations, but we can not assist in getting people's money back I'm afraid.’’

 

We also received the following e-mail from Carlos Barriuso a lawyer at Finansinspektionen:

‘‘Unfortunately I cannot find the above mentioned company in our register over companies under supervision……. I must point out that a company that receives deposits from the public must, in normal cases, be registered with Finansinspektionen. Bolagsverket is only the registration authority for Associations in general.
Carlos Barriuso (Direct Line 46 8 787 82 90)
Jurist/Legal Counsellor
Rättsavdelningen/Legal’’

 

 

 

Charterhouse Trust Credit Union held itself out as having a ‘UK Membership office’ at 10 Stratton St. Mayfair London W1X 5FD Tel: 207 544 6858 & Fax: 207 544 6870 until at least 2003. This information was written on the business card of Alan P. Doust - Finance Director.

Charterhouse Trust Credit Union’s brochure claimed that its auditors were Ernst & Young (who were neither aware of nor too happy about this claim). The brochure also states its bankers as Jyske Bank Main St. Gibraltar but we have David Byrne’s bank transfer of £60,000 from his Spanish bank to Jyske Bank being rejected by Jyske Bank. The money was later transferred to HSBC in the UK.

Fund Insurance Management Corporation is a company linked to Charterhouse by reference in correspondence. FIMC on its letterheads gave addresses at 1/5 Irish Town Gibraltar plus phone numbers in Spain and 98 Main St. Tiburon California 94920 plus California phone numbers. At the foot of the California letterhead there is an address in Spain: Llanos de San Ramon 3 (AT) 29600 Marbella plus phone numbers which are Andrew Linn’s home and office addresses in Marbella.

It also states that Fund Insurance Management Corporation is registered under no. 456778901 in the State of Delaware. A company search in Delaware confirms that this was the case but the company has now lapsed and the name is available. The company is not registered in Gibraltar.

FIMC gives its bankers as Barclays Bank 84/90 Main St. Gibraltar Sort Code: 23-33-74 Account No: 1320100.

Andrew Linn signs for FIMC both as ‘Trustee and Authorized Signatory’ and ‘Director General’.

We do not know if Charterhouse in any form is registered in Gibraltar. Other linked companies in Gibraltar are Netsoft Ltd. (registered) and Compact Investments. Netsoft Ltd. banks with Barclay Bank Gibraltar and investment funds destined for IPM (Investment Program Management – Leonard Berney & Andrew Linn) were channelled through the account of Netsoft Ltd. at Barclays.

 

We believe that the information contained in this report is sufficient to interest the authorities in Spain, Sweden and possibly the UK and provides considerable leverage to secure the return of the clients’ funds without further unwarranted delay.

 

Latest Information  7th June 05

BOLAGSVERKET INFORMATION (edited) (Swedish Companies Registry)

 

CHARTERHOUSE TRUST CREDIT UNION

 

Just confirming that the three persons mentioned below are the registered board members with signatory power, entitled to sign individually.

_______________________________________________

Bente Ohlsson (Mrs.)

Customer service division

 

Bolagsverket, SE-851 81 Sundsvall, Sweden 

Tel kundservice: +46 (0)60 18 40 40

Tel växel: +46 (0)60 18 40 00 - Fax: +46 (0)60 12 98 40

bolagsverket@bolagsverket.se - http://bolagsverket.se

 

The registered directors and presumably also authorized signatories are:

Andrew John David Linn

Alan (Paul) Doust

Andrew John Adams

 

There has never been any signatory by the name of Borg or Berg (or Peterson) registered for this association.

 ;;;;;;;

"You will have read our comments regarding Charterhouse on this website.  The following is a response which has been publicly distributed by Charterhouse.  We publish this response in the interests of all those visiting this site in order to allow visitors to make their own decision regarding what course of action is most appropriate regarding the investment offerings from this unregulated and unauthorised Firm"

 

7th June, 2005
Charterhouse Trust Credit Union Ek.för
Ricardo Soriano 72
29600 Marbella
Spain
Por email y fax



 

Dear Sirs


 

Costa del Sol Action Group (‘the Group’)


 

We refer to the previous correspondence between Charterhouse Trust Credit Union Ek.för
(‘Charterhouse’) and the above mentioned Group, as referenced above.


 

As indicated in previous correspondence, and as stated in a previous communication from Charterhouse’s Swedish associates, we do not advise you to negotiate with this Group because they have demonstrated themselves to be fallacious and untruthful, as detail below:


 

1 The Group has admitted in writing that legal considerations are not important to them and that even though Byrne has no case in law, they are prepared to act for him, obviously utilising threats and blackmail to achieve their objectives.  They do not appear to desire to understand the meaning of a civilised negotiation.


 

2 In spite of having been told that any threatening actions on the Group’s behalf would cause an immediate cessation of negotiations, they have made several threats, and have been advised accordingly that as a result there can be no further communication.


 

3 The Group has untruthfully stated that they have made enquiries concerning Charterhouse regarding a bank transfer, which you have been able to verify and has been confirmed that they had no access to the information they alleged they had been given.


 

4 The Group has made an extremely grave and totally unfounded accusation against Charterhouse, item: that of unjustly of forging a bank instruction document.  You have offered to provide bank evidence that no such illegality exists, but the Group has not accepted your offer to verify this.


 

5 David Klein, in representation of the Group, libelled a representative of Charterhouse to a British government official, and under threat of legal proceedings he was obliged to apologise for such libel.


 

6 David Klein requested as a favour that you resolve the Byrne question, but when you offered to do this he insisted on imposing conditions in a completely unilateral fashion, which was and is unacceptable to Charterhouse, as stated in a repeated manner.
 
We have resolved 18 refunds in total 2.3 million pounds sterling with leading Product Providers, the only people that would not co operate are Charterhouse


 

7 David Klein, in representation of the Group, has threatened Mr Andrew Linn with reporting him to the Guardia Civil, on the very frivolous basis that '…..[the Guardia Civil] will be interested in reading the articles which have been published about both [Linn] and Findlater in the press, they can make their own minds up.' This is a completely ridiculous and vindictive action which would certainly result in nothing more than the Group being taken to court for making false denuncias.


 

8 The Group has on repeated occasions stated that they have many complaints about Sensible Options, an organisation which has no relationship with Charterhouse, but in which Mr Andrew Linn was involved some years ago. They have been asked on numerous occasions to provide evidence of this allegation, and Mr Linn has even offered (14 March 04) a donation of $100,000 to the charity of their choice should they be able to provide evidence that any investor has lost money via Sensible Options. The Group has not been able to provide any evidence yet continue to circulate these lies.


 Also see Sensible Options on this web site

 

9 The Group has been asked repeatedly to clarify the reason Mr Byrne did not accept the offer of Charterhouse for complete and unconditional settlement of his claim in order to justify your allegation that he is a 'hardship' case. They have never replied to this request.


 

10 Charterhouse requested a meeting with one of the Group’s representatives, Mr John Parsons, but did not even received the courtesy of a reply.


 

The point has already been made that from the standpoint of creating a precedent Charterhouse should not accept to negotiate with any third party should the event arise.  As a private investment organisation restricted to members only it is not obliged to give out any information it does not desire to, and members are guaranteed a high degree of confidentiality at all levels.


 

It will not be a surprise to you (or to anyone else looking in this correspondence) to be told that we do not consider Mr Klein’s Group to have sufficient credibility or moral integrity to carry out negotiations on behalf of anyone, above all because they have demonstrated repeatedly that they have no respect for the truth or the law. Charterhouse has never committed any offence of even the most minor nature, and we recommend it deals with Byrne for the benefit of all concerned and within the confines of legality.


 

Yours faithfully


 

(Signed: Enrique Agüera - AZ Juridicos Law Firm)


 

 

© COSTA DEL SOL ACTION GROUP
Against Unlicenced Financial Advisers & Product Providers that support them.