agent69
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Post by agent69 on Feb 7, 2024 19:45:11 GMT
£7.72
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Post by beepbeepimajeep on Feb 7, 2024 20:15:47 GMT
just had repayment details of this one I had 9 x £25 invested it what I thought were unrelated loans and I get back £2.57 for each loan Clearly fraud is suspected here on this pathetic return That said I think we have the private litigants to thank because if left to FS I am sure this would have been a 100% write-off Well I guess £23.13 out of £225 is more than I was expecting but still totally inexcusable Agree with everything in this post. We get 10% back, absolutely pathetic. I hope the successful litigators got a bigger percentage. I am glad to see the back of this fraud and am toasting my fellow art investors with a drink tonight to celebrate this complete clown show coming to an end.
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james100
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Post by james100 on Feb 7, 2024 20:51:11 GMT
£25.80 Refund Not nearly enough to go paint another fake Chagall................ It was real, wasn't it? Genuinely cr*p but still real! Chagall was my first FS loan so this one has special memories. I remember wondering what kind of mug would fork out £ for that...I should have probably looked a little closer to home
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Post by beepbeepimajeep on Feb 7, 2024 20:55:54 GMT
I remember wondering what kind of mug would fork out £ for that...I should have probably looked a little closer to home To be fair, if I remember correctly the funding secure terms stated they would have possession of the paintings and therefore in the event of a default they could just be sold at auction. Seemed to me like these assets wouldn't be hard at all to sell at auction so I invested. I don't think I was alone either as these loans filled quickly and I could understand the popularity. Little did we know these loans were a complete sham and not secured on anything, as funding secure did not actually have the art that was the security and could not put it to sale in the event of a default.
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james100
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Post by james100 on Feb 7, 2024 21:10:26 GMT
I remember wondering what kind of mug would fork out £ for that...I should have probably looked a little closer to home To be fair, if I remember correctly the funding secure terms stated they would have possession of the paintings and therefore in the event of a default they could just be sold at auction. Seemed to me like these assets wouldn't be hard at all to sell at auction so I invested. I don't think I was alone either as these loans filled quickly and I could understand the popularity. Little did we know these loans were a complete sham and not secured on anything, as funding secure did not actually have the art that was the security and could not put it to sale in the event of a default. Ah yes. The comment was a little tongue in cheek - it was not meant to belittle anyone who's lost £ on this. At the same time, the painting was horrible and I have no idea who would want to pay even the amount I put into it (1K) so a moment to reflect on my decisions feels sensible. I can forgive myself for the beautiful Picasso Etching (in for another 1K) with the same paltry return. The Chagall? Absolutely not!
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Post by overthehill on Feb 7, 2024 21:23:38 GMT
Got £64 back no idea what loans lost interest I know I have been ripped off
I think there was a lot of loans, being a kind of ponzi scheme where additional loans can be used to make interest payments, Fundingsecure never disclosed that they were all for the same borrower. I was in four of them, £800 worth. They lied about having possession of the art which was an even bigger problem for lenders.
Not quite as bad as the microsculptures loan where not only did FS not have possession of the items, they weren't even owned by the borrower.
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james100
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Post by james100 on Feb 7, 2024 22:04:19 GMT
Got £64 back no idea what loans lost interest I know I have been ripped off
I think there was a lot of loans, being a kind of ponzi scheme where additional loans can be used to make interest payments, Fundingsecure never disclosed that they were all for the same borrower. I was in four of them, £800 worth. They lied about having possession of the art which was an even bigger problem for lenders.
Not quite as bad as the microsculptures loan where not only did FS not have possession of the items, they weren't even owned by the borrower.
Thank you for mentioning *another* one of my favourite FS loans, giving me the perfect excuse to repost this gem: www.thelondoneconomic.com/entertainment/arts/micro-sculptor-willard-wigan-swallows-part-of-masterpiece-30560/
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adrian77
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Post by adrian77 on Feb 7, 2024 23:56:10 GMT
When I invested I contacted FS and explicity asked them if they had these art works in their possession and yes I was told they had - well explain that one FS!
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travolta
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Post by travolta on Feb 8, 2024 10:56:24 GMT
I'd be interested to know how much the litigants cleared after the courtcase . Were their costs covered ? I'm a painter.Its not tricky to knock of a small Chagal /Picasso . Source materials vary,but why bother if you are just peddling a' concept'. How do you you prove a concept is a fraud? one of my tutors at Chelsea School of Art took my work and used the concept as his own.I found it executed and sold about ten years ago at an RA (he's an Associate) summer exhibition. I was heartily pissed ,but how to prove? Did the judge smack Funding Secure for lying?
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Mousey
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Post by Mousey on Feb 8, 2024 12:40:30 GMT
I'd be interested to know how much the litigants cleared after the courtcase . Were their costs covered ? I'm a painter.Its not tricky to knock of a small Chagal /Picasso . Source materials vary,but why bother if you are just peddling a' concept'. How do you you prove a concept is a fraud? one of my tutors at Chelsea School of Art took my work and used the concept as his own.I found it executed and sold about ten years ago at an RA (he's an Associate) summer exhibition. I was heartily pissed ,but how to prove? Did the judge smack Funding Secure for lying? Costs were covered and they kept 75% of the remainder. See " FundingSecure Art Loans litigation settles" And " Great Green Art Fraud – How FundingSecure lenders were scammed"
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Post by scotty on Feb 8, 2024 13:07:28 GMT
Remains credited to the bank account today.
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agent69
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Post by agent69 on Feb 8, 2024 13:12:56 GMT
I'd be interested to know how much the litigants cleared after the courtcase . Were their costs covered ? I'm a painter.Its not tricky to knock of a small Chagal /Picasso . Source materials vary,but why bother if you are just peddling a' concept'. How do you you prove a concept is a fraud? one of my tutors at Chelsea School of Art took my work and used the concept as his own.I found it executed and sold about ten years ago at an RA (he's an Associate) summer exhibition. I was heartily pissed ,but how to prove? Did the judge smack Funding Secure for lying? Costs were covered and they kept 75% of the remainder. See " FundingSecure Art Loans litigation settles" And " Great Green Art Fraud – How FundingSecure lenders were scammed" Do we know how much the 4 investors received after costs?
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Post by beepbeepimajeep on Feb 8, 2024 19:10:59 GMT
Remains credited to the bank account today. Mine was not
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Post by scotty on Feb 8, 2024 21:42:34 GMT
Remains credited to the bank account today. Mine was not If you missed this week, it'll be next Wednesday, although I'm not sure if it's every week.
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adrian77
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Post by adrian77 on Feb 10, 2024 23:21:43 GMT
From the court documents damn bloody right! As I said they told me they were...
Fantastic professional piece of reporting Mousey - the antithesis of the "professionalism" not shown by FS or the FCA
Will read your reports again with a clear head - at least the FBI seem to be or were after this muppet
Looks to me as if his very aged and well-respected Father has bailed him out - for a bloke in this 50's this is totally pathetic mental issues- course he had despite being cognisant enough to organise a flight to Spain!
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