I am bringing an action against the former directors of IAP Jim Moore, Brad Rosser, Maria Gifford and Tony Mackay for the fraudulent miss selling of UK and International property. I am keen to see justice done and I have spoken to hundreds of other former members who feel the same way. My solicitor has suggested that this claim could be amended into a class action.
Inside Track together with sister companies Instant Access Properties were multi-million pound enterprises. 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 that 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 including RICS (or equivalent surveys on all properties). They claimed to scour the globe in search of the best deals. For these services we paid a one off fee of £8000 a monthly subscription and a 3% levy on all purchases. In 2008 after paying themselves multi million pound dividends the company was placed into voluntary liquidation. A phoenix company was started by some directors (IAP Global) it collected circa £3.5 million of client’s fees, paid them out in dividends before being wound up.
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.
What Can We Do?
As you probably know I am involved in an action against the directors. This is costly and represents a massive financial risk for me personally. It does not offer direct benefits for other wronged members. I have spoken to my solicitor about amending my claim into a class action. With 50 – 150 people we would be formidable, and litigation costs would be spread. Please contact me to find out more.
If you had any direct contact with the named directors by phone email or during a presentation. Do please get in touch your information could be helpful.
With many of us pursuing our right for justice these people can and will be held to account.
I would invite any donations however small to enable me to continue the fight.
If you would like to donate £50:
If you would like to donate £100:
If you would like to donate £250: