Richard Colwell

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Petition to wind up British £40M fraud firm Privilege Wealth Plc

January 7, 2020
Nearly two years after their appointment and having run out of cash, the Joint Administrators of Britain's Privilege Wealth Plc have applied to wind up the company, which collapsed after its £40 million-plus investment fraud was exposed by OffshoreAlert.

Privilege Wealth Management Ltd.: Chapter 15 Petition (Gibraltar)

August 24, 2018
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Gibraltar by David Ingram and Freddie White, of Grant Thornton, as the Foreign Representative of Privilege Wealth Management Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.

Privilege Wealth One LP: Chapter 15 Petition (Gibraltar)

August 14, 2018
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Gibraltar by David Ingram and Freddie White, as the Foreign Representatives of Privilege Wealth One Limited Partnership, at the U. S. Bankruptcy Court for the Southern District of Florida.

Privilege Wealth Plc reports £42M ‘deficiency’

March 1, 2018
In a 'Statement of Affairs' filed with Companies House in Britain yesterday, investment fraudster Privilege Wealth Plc reported an estimated deficiency of £42 million. Of that amount, the company reported that £39.55 million is owed to investors, £2.5 million owed to its directors, and £124,038 to trade creditors.

Privilege Wealth One LP: Insolvency Notification

February 6, 2018
Letter to investors from Privilege Wealth Management Limited, as general partner of Privilege Wealth One LP, notifying them that Privilege Wealth Plc has gone into administration and that the group is insolvent.

Liquidation meeting scheduled for fraudulent Privilege Wealth Plc

January 4, 2018
The directors of British firm Privilege Wealth Plc, which was exposed as a fraud by OffshoreAlert nearly 15 months ago, have convened a creditors' meeting for January 12th to consider a resolution to wind-up the company and appoint a liquidator.
Chris Burton

Privilege Wealth suspends redemptions amid shooting & ‘$40m deficit’

March 31, 2017
Five months after being exposed as a fraud by OffshoreAlert, the Privilege Wealth investment scheme has collapsed, with an insider claiming there is a deficit of more than $40 million. Redemptions to investors have been suspended, Privilege Wealth's main office - a call center in Panama - has closed after the attempted murder of its boss - a fraud fugitive in Spain - and unpaid payroll and the group's registered agent in Gibraltar has resigned.