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To
properly understand the situation, one must realise that besides the
huge losses these companies have sustained, they are all embarrassed to
have been duped and few even discuss it amongst themselves. However,
Wikifrauds has gained the confidence of many victims, and those
who very nearly also became victims.
Their stories are all the
same, the only differences are the amounts paid in fees, and the
details of their
projects. Wikifrauds
has guaranteed that information provided by these people is kept
confidential, and will only be released with permission of the victim.
The victims fall into three catagories or levels:
Level 1 Victims
Those who went the whole distance and paid the huge up-front fees. Level 2 Victims
Those who only paid the establishment or diligence fee (non-refundable) Level 3 Victims
Those who spent considerable money in flying to Bahrain or Zug, and the
costs of
preparing their submissions properly.
(There are also knock-on victims such as builders and contractors, town
planners and architects, sub-contarctors, accountants and lawyers, and
innocent finance brokers. All of these have also suffered real losses
in term of time and money)
Victims of all three levels are rightly aggrieved at their situations,
and correspondence from victims of all levels has been pouring into
Wikifrauds. Some we were already aware of, others are revelations. We
are even receiving requests for assistance and advice as to whether or
how they will get their money back.
For many level 3 victims, this WGA opportunity presented a way forward
with their projects while the normal banking avenues had all but dried
up, and rolling over existing funding arrangements had become very
difficult. With the failure of WGA to honour its loan obligations, many
Level 1 victims are now teetering on the edge of financail ruin.
Some borrowers will lose their family homes and be left with nothing.
Some have had to sell valuable investments in property at discounted
figures, just to remain liquid. All have suffered massive backward
steps in their lives, both private and in business.
It is obvious therefore that without permission, we will not reveal
their names.
But we can say without breaking confidence that the loans sought range
from $25M up to $320M, and the fees paid range from $500K to a
whopping $4.5M, and there are plenty of them.
Our estimate now is somewhere upwards of $40M taken out of Australia
alone, and that WGA has outstanding loan obligations of some $1.5
Billion, with not one of them settled or likely to be settled.
Indeed, Ali is so worried about the grumblings from Australia and from
this site in particular, that he is madly rushing about phoning
everyone and trying to placate them with new promises, and trying to
guess who we are.
Latest publicly known
victim:
http://globalnewsasitishappening.com/western-gulf-advisory-scam/
Open
the site above and scroll down to third story, then click "Read More"
just outside the story box. You will need to use the back button on
your browser to return to this page.
18 February 2011 "Claims this morning that Wellington
Phoenix football owner Terry Serepisos may have fallen victim to a
Nigerian-style finance scam that's cost him more than $750,000.
The National Business Review
says it's seen confidential documents relating to a loan that went bad
in late 2009, offered by Western Gulf Advisory to an Australian
developer.
It's the same deal being offered to Mr Serepisos.
His loan is supposed to be delivered today, but the transfer has been
delayed and WGA has threatened the NBR with legal action after it
started asking questions.
The NBR says the troubled property developer is being warned that his
desperate attempts to secure funds from overseas bear all the hallmarks
of a scam that should be reported to the Securities Commission.
The future of Mr Serepisos' property empire and the Phoenix appears to
hinge on the loan deal going ahead."
NEWS RELEASE: A close shave with WGA:
Wikifrauds has been in communication with what we can best
describe as a client who came close to falling into WGA's clutches.
This 'informant' client is the owner of a highly respected investment
business in The Netherlands. His latest email to Wikifrauds is quoted
below, and the scenario painted is precisely the way Khan and Ali go
about their business. If anyone requires personal proof of this
communication, we will request the client to contact you direct and
disclose his identity. Further details will be released by the Sydney Morning Herald shortly.
His story:
I own a investment firm in the
Netherlands and I'm a entrepreneurial finance professional. A few weeks ago WGA
contacted me personally and they asked me if I was interested in a lucrative
partnership with them. I never heard of the company, when I saw their website I
was quite impressed on how big they were. It seemed to me like a chance I didn’t
want to miss. I have a client in the USA which required little over 100MM$ for
his venture. I discussed this project with WGA and they were immediately
interested, this was very rare to me so I started scratching the back of my head
wondering what was going on. And then I knew, he sent me the terms and
conditions for the loan (I have included attachments for your reference), I was
quite shocked by the upfront fees involved. So I called their CFO and asked him
whether it was possible to place to upfront fees on a safe escrow account. When
he told me this was impossible I knew it was a scam and begun my own research. I
found Matt Nippert of the NBR very fast and he connected me with other
journalists. For this reason we've quit our negotiations with WGA. They are
actively approaching companies like me and other entrepreneurs to promote their
loans. It was also very suspicious that they were immediately interested in our
project. When we were having a conference call with Omar Khan (CFO), Anoop Koshy
(Financial Analyst) and Mr. X (my client), my client was explaining the project
specifications, activities and location and Omar Khan was like: yea yea yea its
all good. As a venture capital and private equity professional I know that there
was something wrong as most investors ask A LOT of questions and about specific
details. WGA obviously didn’t care about this, they only wanted 3,5 million
upfront so they could "process the loan"
Important
Notice to Australian Victims
Advice has come to Wikifrauds that the promotion, comfort and assistance of WGA's lawyer in Sydney after April 2010, may give you grounds to lodge proceedings against the NSW Law Society Fidelity Fund.
The Law Society has received a number of complaints against this Lawyer
in April 2010. This lawyer had already been dismissed from two law
firms for misconduct, one involving his issue of fraudulent tax
invoices. He is also under investigation by the Australian Tax Office.
He should have been struck off the register of properly licensed
lawyers at that time, but was allowed to continue practise. His licence
should have been suspended at the least when complaints relating to his
association with WGA were lodged in April 2010.
If you are a client who has been given assurances and confirmations by this lawyer about WGA after
April 2010, then the NSW Law Society may be held accountable for
allowing him to continue to practise after April 2010. Statements of
claims have already been made by some aggrieved parties along these
same lines.
The NSW Law Society is claiming today (March 3 2011) that they are
waiting on information from WGA, which of course we know they will
never receive. The lawyer continues to function as a lawyer and
continues to promote WGA to this day. This leaves the Law Society
Fidelity Fund themselves open to a claim for compensation for losses
incurred as a result of assurances made by the Sydney lawyer.
Like Ali, the lawyer must be stopped also. The longer the NSW lawyer is
allowed to practise, the deeper the pockets the Law Society itself will
need.
APPEAL TO VICTIMS!
Please contact your own lawyers about this, and have them contact us immediately if you wish to join the new WGA Victims Forum.
Matters have already started for a class action with a good number of
victims now joining. A large class action will have a much greater
impact than a series of smaller individual claims. Try it on your own
and they will pick you off.
We have an experienced lawyer in place and we have already opened a secure data centre for lodgement of documents.
For full information and the law firm contact detals, please contact us.
