NEWS BULLETIN for Inside Track Victims – March 1st 2017.
UNITED STATES: Chairman of Inside Track Jim Moore was arrested last Thursday and is being held in US jail for charges of fraud relating to Lake Austin Development.
The legal definition of fraud:
A false representation of a matter of fact—whether by words or by conduct, by false or misleading allegations, or by concealment of what should have been disclosed—that deceives and is intended to deceive another so that the individual will act upon it to her or his legal injury.
What happened to you may well have been a criminal fraud. On your own it is an expensive and difficult thing to prove. As part of a class action you can cheaply have this matter pursued to its logical and just conclusion by proper legal team. There are a large number of us who are now in this action together pooling evidence and using our combined resource efficiently.
Inside Track together with sister company Instant Access Properties were multi-million pound enterprises. They had a collective turnover of £200 million. They offered us property discounted by 10-15% from market prices secured on the basis of our aggregated buying power. IAP was a large company they sold 1 in 11 of all newly built properties in the UK, so it seemed plausible. We were to enjoy the benefit of extensive due diligence which they told us included RICS (or equivalent surveys) on all properties. They claimed to scour the globe in search of the best deals. For these services we paid Membership fees ranging from £6-8000 (depending on Jim Moore‘s deal of the day!) plus a monthly subscription and finders fee on all purchases.
In 2008, after paying themselves multi-million pound dividends, IAP was placed into voluntary liquidation. A phoenix company (IAP Global) was started by the same directors it collected circa £3.5 million of client’s fees, before being wound up.
Jim Moore and Brad Rosser the Chairman and Vice Chairman of IAP both became listed in The Times Rich List with personal fortunes in excess of £70 Million. The other two directors of IAP were Maria Gifford and Anthony “Tony” McKay.
If you had any direct contact with the above directors by phone, email or during presentations, do please get in touch with me your information could be valuable.
NOW The Secretary of State has issued proceedings against Maria Gifford, Jim Moore and Brad Rosser for tax fraud, this involved the $ Millions of commissions they collected on the sale of our Florida Properties.
The Lies IAP Told:
Lie – 100% of the discount goes to the clients.
Fact – The directors arranged for massive hidden commissions to be paid to themselves and other companies they controlled. They had direct interests in some of the foreign developments they sold. Frequently their clients paid more for the properties than members of the public, a direct result of the hidden commissions.
Lie – Properties were chosen on the basis of extensive due diligence including RICS surveys.
In the US IAP acted as an agent selling almost exclusively properties where the directors had large undisclosed interests. In Spain clients often paid above the market price in order to accommodate IAP’s undeclared commission. There is almost no evidence of independent RICS type surveys for these properties.
I could go on and on about the number of specific lies told to members by the organisation in order to get clients to invest. Sometimes they concealed that rentals did not cover the mortgage, for example when this information was known (Bahama Bay). Other times clients were led to believe that deposits were fully protected by bank guarantee. The examples are literally endless.
In 2006 ASA (Advertising Standards Authority) rulings found that Inside Track Seminars breached codes of Responsibility, Honesty and Truthfulness.
What Can We Do?
I am taking an action in the High Court to hold the directors of IAP personally responsible. The action is costly, I need to pay for the best legal counsel to argue the case in court, and it represents a massive financial risk for me personally. BUT holding the directors personally responsible is of immense significance and is about creating a way for everyone else to make a claim without needing to take the immense personal risks I am taking.
AS I overturn each obstacle it paves the way for a smoother class action.
As the battle continues for us to get justice and compensation from the directors of IAP, the fight is only possible due to the help and support of fellow IAP members. Many members feel the same as me that we should bring these people to justice and get compensation from them for our losses.
If you are keen to ensure that this case continues, you can support me. A small donation from you will enable me to fight on.
Please Click below to support this action
With many of us pursuing our right for justice these people can and will be held to account.
I want to thank everyone who has already been kind enough to send donations which are keeping my case in the courts, however small your donation it will enable me to continue the fight. It allows me to keep going and as I overturn each obstacle it will pave the way for a smoother class action.