CIRAG - CYPRUS INVESTORS
RECOVERY ACTION GROUP
Have you lost money invested through Cyprus Investment
companies over the last 20 years - if so read on.
CIRAG was created 5 years ago by retired former businessman Derek
Towner, later aided by UK Solicitor Geoffrey Stanway, both living in Tala.
CIRAG works extremely hard FOC to help mainly Expat retirees who have lost money/retirement funds in Cyprus over the last 20 years. This often arose from poor advice but also unlawful "scams".
CIRAG will provide a free assessment of whether they can help so
do not simply think that because you have lost/destroyed your paperwork
or your losses are old that CIRAG cannot still help.
If CIRAG cannot help they will say so. For example victims of
Gerald "Investor" Morse regrettably cannot be helped.
Morse simply held in person his Investor's money and then died with almost
no funds in his estate to recover funds from.
However Investors with losses resulting from local
"advice" firms (often unqualified, uninsured and incorrectly
licensed), for example, Sumner Holdings, Alliance Partnership, Pembridge
International, Fraser Mackinlay, Trevor Howells (TPH Consulting),
Inter-Alliance World-net, Global-net, Hollingsworth International of
Malta, Finsbury Financial of the UK and others (this list
is not exclusive) can likely be helped on a No Win No Fee Basis with very
reasonable fees on recovery.
In particular if your losses were within an Investment Bond with
Skandia, Old Mutual International, Quilter, Friends Provident, Irish Life, SEB
Life or RL360 CIRAG can very likely assist you.
If you do have losses do not be shy or embarrassed or think
it was too long ago.
Help is finally at hand via, if necessary, No Win No Fee Legal
actions for which CIRAG have arrangements with a UK Legal 500
Solicitors firm, Forsters LLP and a leading QC.
You may have seen recent articles in the local press eg an Advert
in Paphos Post, and an article in the Cyprus Mail plus CIRAG are in contact
with all the relevant authorities in Cyprus plus the Culprit Companies and
Ombudsman in Ireland as well as similar action groups in Spain and even
Australia and most importantly Forsters of UK who are currently mounting a
multi million court action in the IOM which CIRAG are now part of.
The Group can be contacted by its Facebook Page-CIRAG-on FB, or by
emailing derekincyprus@gmail.com or gstanway@aol.com who
will promptly reply.
And the original article from the Cyprus Mail 13 February 2021 by Bejay Browne
A recovery action group for investors set up three years ago to help people who have been badly advised by rogue operators in Cyprus, resulting in investment or pension losses, are encouraging more ‘victims’ to come forward for help on a ‘no win, no fee’ basis.
Collectively, investors have lost millions of euros and the aim is to recover losses and obtain justice.
The Cyprus Investors Recovery Action Group, CIRAG, was set up by Derek Towner, a 74-year-old retired British expat, when he discovered that his financial advisor had been falsifying his investment records to cover up his losses in high-risk products.
After purchasing a villa in Paphos in 2005 as a holiday home, he then moved to Cyprus permanently a few years later.
“In 2013 I was introduced by a friend to an independent financial advisor who came recommended and a few months later after further checks, I started to invest some funds which appeared to be doing well initially,” Towner informed the Sunday Mail.
However, in late 2016, he became concerned, investigated and uncovered a scam which resulted in him discovering significant losses to his portfolio.
“The advisor fled Cyprus and his company had its Insurance Companies Control Service (ICCS) licence withdrawn and had to cease trading. I subsequently traced many other people who fell victim to the same scam.”
He decided to take action to help others and formed CIRAG which has uncovered over 60 similar victims in Cyprus.
“There are numerous individuals particularly in the British expatriate community in Cyprus who have suffered enormous losses, their life savings and pensions, as a result of negligent financial investment advice, often by unauthorised, uninsured and unqualified ‘financial advisers’,” he said.
Typically, they were offering structured products and unlicensed investment schemes on the pretext these were low risk investments, when in reality these were for professional investors only, and entirely unsuitable for retirement investment with most failing, he added.
Geoffrey Stanway, a semi-retired British solicitor living in Tala also joined forces with the group and provides legal advice.
The aim is to help each member recover whatever losses they can via the formal complaints process, he said.
The group assists investors in direct recovery against advisers, pension trustees and bond providers including Ombudsman proceedings around the EU.
“We are now also able to introduce investors to Forsters LLP, a UK Legal 500 Firm, who are to litigate against investment bond providers,” he said.
No win, no fee court proceedings should get underway in spring this year, and litigation against others will follow, he said.
Prior to 2008, the Cyprus financial services Industry appears to have been largely unregulated, he said.
In 2008, Cyprus introduced financial regulation. All existing firms were told in advance of the need to register with official bodies.
From 2008, any company dealing with or advising on investments or pensions in Cyprus required a licence from Cyprus Securities and Exchange Commission or Cysec, and anyone operating as financial services agents were required to pass CIF exams, or they were not legally qualified to give financial advice.
In addition, any company dealing with insurance or reinsurance required a licence from ICCS.
Registering came with an expense and required passing exams and possessing professional indemnity insurance for negligent advice.
This meant that some firms in Cyprus conducting expatriate business registered only with the ICCS, so they were only to give insurance advice, meaning that they were authorised, unqualified and uninsured to give investment advice, he said.
Some companies skirted around this new requirement by wording contracts misleadingly as if they were able to give investment advice.
“They were not stealing clients’ money directly, but stealing commissions paid to them by investment product suppliers by recommending high risk funds to consumers seeking low risk investments,” Towner explained.
The high risk funds paid undisclosed illegal commissions,12 per cent on some products.
Towner said there are many excellent investment advisors and companies operating lawfully in Cyprus, but going after the crooked one has now become a crusade.
“We will not give up until we get a fair result,” he said.
“With Geoff’s guidance I have communicated as required with all the relevant authorities in Cyprus and Ireland, to bring Cyprus’ rogue so called financial advisors, (who are mainly expats), to their attention. They have subsequently gone to ground or been closed down,” he said.
But following ongoing investigations and communication with the relevant authorities, it became clear that there were other scams that so called advisors and companies were practising in Cyprus.
“This is why our numbers continue to grow and we know there must still be many more who need our help.”
The group’s main priority is to pursue the financial recovery from the large investment companies in Ireland, Isle of Man, Malta and the Czech Republic, and all other individuals and entities involved in Cyprus.
“If you are a victim or can help in some way, contact us urgently as there are time constraints on the court proceedings which are imminent.”
Cyprus Investors Recovery Action Group on Facebook or email: derekincyprus@gmail.com or gstanway@aol.com
