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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3695
Experience:  Solicitors 2 years plus PQE
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I made a Bond investment with Canarian (Spanish) based company.

Resolved Question:

I made a Bond investment with Canarian (Spanish) based company. After almost a year of promises of payment for the bonds plus interest nothing has been forthcoming and now emails are being ignored. What legal recourse is available to me?
Thank you in anticipation.
Brian Foley
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Does this company have an office in London?
Kind regards
AJ
Customer: replied 2 years ago.

No they are a Canarian registered company!Image1

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
It looks like the directors are English Nationals.
Are you in direct contact with them?
What bank account did you transfer the money to?
Kind regards
AJ
Customer: replied 2 years ago.

AJ

I need to check the bank details as it was some time ago. I will do that now and get back to you.

The MD Steve Schimmel is an American national but some of his directors are British and Irish.

Please give me a few minutes to check the bank details.

Brian

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
No problem.
I am online intermittently all day so please let me know when you have the information.
Kind regards
AJ
Customer: replied 2 years ago.

Hi AJ

I have the bank details:

IBAN: ES(###) ###-####3000 0126 0830

Names: Steven Jeffery Schimmel and Jose Miguel Galvan Bello,

Company: Atlantic Gaming Partners

The Bonds should have attracted 12% interest per annum from 1st July 2012 with redemption at the beginning of January 2015. No interest payment has been received thus far on these Bonds and no communication since February 2014

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
http://www.fca.org.uk/news/warnings/agp
Is this the same company?
Kind regards
AJ
Customer: replied 2 years ago.

It certainly looks like it AJ. Pity I didn't see this FCA warning at the time of investment!

Brian

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
If they are not responding to you then your only option really is Court Action.
https://www.moneyclaim.gov.uk/web/mcol/welcome
You need to send them a letter saying that if they do not respond and within 7 days you will sue them. You can commence a money claim at the link above.
How much are you owed?
Kind regards
AJ
Customer: replied 2 years ago.

AJ

!0,000 Euros plus two and one half years interest at 12% per year.So around 13275 Euros.Is the link you have given me appropriate for the Canaries?

Thanks

Brian

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
As it is less than £15k, then you can use the link provided.
What you need to do is find the registered address of Atlantic Gaming Partners - ultimately I would just follow the money, it would be much easier to sue someone in the UK than Spain.
Although you can sue a Canaries based company (if you think they have any assets) but you will not be able to use the link I provided. You will need to apply to your local county court on paper as you will need permission to serve this company in Spain. What you need is an N1 Claim form http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=338
I would recommend get a local solicitor to assist you with this claim - as obtaining permission to serve someone in another jurisdiction can have cost consequences if it is not done properly.
I look forward to hearing from you.
Kind regards
AJ
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