Accumulate - Fraud Investigation Fund

My name is Will Collins. I am part of the Riverside Place Recovery Group steering committee. You can find a little about my background here: https://www.linkedin.com/in/will-collins-95266669/ I am the largest individual investor in the Riverside Place scheme.

 

If we are going to recover our money from any of the Accumulate schemes it's going to be through one of three routes:

 

 

For all of these routes, proof of fraud will either be a requirement (CRM and litigation) or will help immensely (administration). For the litigation route, we'll also need to establish that anyone we litigate against has sufficient assets to satisfy any claim.

 

Having discussed with the other members of the Riverside Place Recovery Group, our joint view is that we need to hire a private investigator to put together a combined picture of the operations of all of the Accumulate companies and SPVs together with Paul Howells and any other significant individuals. The goal of the investigation would, as far as possible to establish i) that fraud has occurred and ii) whether there are recoverable assets (beyond those under the control of the administrator) that are within our reach.

 

This investigation will be of equal value to investors in all Accumulate schemes. My proposal is to use gcw-intelligence.com/ who are recommended by a contact in the property development business, but we have an alternative quote from theprivatedetective.com/. Either way the cost is likely to be around £3,500, possibly a little more.

 

What I would like to ask is that all investors, in all schemes, contribute £1.50 towards the investigation for every £1,000 they have invested (across the schemes). So if you ave invested £10,000 I am asking you to contribute £15. If you have invested £100,000, I am asking you to contribute £150, and so on. I have started the ball rolling by contributing £525.

 

It obviously needs a combined effort to raise the money for our collective benefit, and I hope that everyone will contribute according to their investment. If most, but not all, contribute, it is possible that we may need to limit the distribution of the investigator's report to only those who have contributed, and work with, and for the benefit of, a smaller group going forward. But I'm sure that it won't come to this.

 

'GoFundMe' won't let me put my email address here, but for Riverside Place investors you can contact me via the steering committee email address.

 

Will Collins