Tuesday, September 23, 2008

The Instant Access-Inside Track Saga goes on and on

Well after last nights rant at the TV we thought it appropriate that we bring you what is possibly the largest farce regarding the investment robbery world. The tale of Inside Track, Instant Access and all its other brothers and sisters.

There are numerous reports on all of the companies involved from many sources, so for convenience we will list them at the bottom of this article.

The articles mention several companies that all seem to be interwoven like a plot for an Eastenders Christmas special.

Instant Access,
L'Arome, (which went bust in the 90's owing millions)
Fuel Investments,
AfterCare Solutions,
The Pearson Foundation in Panama,
as well as the suggestion of several offshore trusts in the Isle of Man.

For those that are not aware of Instant Access and Inside Track, in a nutshell Inside Track held seminars amidst vast amounts of publicity claiming you could become an investment property millionaire if you paid them 5-10 thousand pounds. For your money they would tell you about the "opportunities they had sourced" (As it happens by people with little or no experience, let alone qualification) Which you the "Qualified Investor" would rush in and buy.

As it happens now, Inside Track and Instant Access are both in administration, no surprise considering the current state of the real estate industry and financing right now.

What the journalists appear to have missed though is a number of astonishing claims on the current Instant Access website made by Jim Moore. (Who signs off as the "Founder" now, when before he was nothing to do with anything at all, how strange!?)

As you will see, a lot of wittering on about how it is everyone elses fault and written in such a way it seems to be treating its' clients like 5 year olds which really adds insult to injury.

The statements that follow further on are just beyond belief though:

"Whilst the current climate is worrying and at best, testing for us all, (and I feel for every one of you with difficult investments at present - I also have my share - some have been the very same developments you may have invested in) I believe passionately in property investment for individuals like you and I, as a powerful complement, and alternative to straightforward "traditional" investments."

"As you are no doubt aware, I founded this business some eight years ago, and so, when other funding could not be sourced, it was left to me to decide the "ultimate fate" of the business.As a result of this, I've worked with my team in "crisis talks" since Friday in an attempt to come up with a solution.Our ongoing aim is to be able to offer you, as closely as we are able, the services and opportunities that you were previously offered, with minimal interruption and disruption. To do this I've been required to commit to further substantial investment in order to take the business forward."

So tell us Jimbo, how are you going to take the business forward? How are you going to get us out of this jolly old mess?

"This has meant it has been necessary to form a new operating company, "IAP Global"."

Whoa! What!!!!?????

"IAP Global is headed up by IAP's previous Managing Director, Tony McKay, and staffed by people I'm sure you will know and recognise.This team will help you to complete on properties that you've invested in, and continue to find new investments in areas of opportunity around the world for you to capitalise on as and when you feel you're ready.
You will appreciate these are difficult times for all of us, and we too have had to restructure and downsize in order to find a solution – as such we would ask you to please be patient with us should you feel you experience any service shortcomings in the near future – the decision was taken that "a smaller IAP was better than no IAP""

Now hold on a moment, let us get this straight. We have been to your seminar. We have paid you say 10K to see all your investment ideas. We have then handed over a huge wedge of cash to a developer that has then paid you a commission. You have let one company fade away, taken out a debenture on it just in time to see that you get paid before any other creditors and now you tell me that a smaller IAP is better than no IAP? Does this mean you can fritter away less of my money?

Apparently not! the page goes on to say,

"In the next few days and weeks, we will be launching a number of new "market appropriate" investment products, with a focus on high growth, minimum investment, minimum risk, and positive returns. IAP Global will also be launching its own website (at the same web address:- www.iaprops.com) - please ensure we have your current email and mailing address, and also, check the website regularly - we intend to make more use of it as a member communication tool.We will make sure we keep you abreast of any changes and developments, hopefully all good from now on. We all know that this is a difficult time for everyone, nobody is immune, but together I believe we can find a way through this and into profit. It’s difficult to be "courageous" at times like this, but you recognised property investment was good when you elected to get involved with us, and fundamentally that hasn't changed."

"Market Appropriate Investment Products". Hold on a moment whilst i climb back on to my chair after falling off it due to laughing so hard.

May we remind you that the last "Market Appropriate Investment Product" you promoted was as much use as a sunbed on a submarine?

An ingenious scheme to calm the heat and extract more cash from already desperate clients, some with debts into the millions already. If you are an Inside Track/Instant Access client, do let us know of the latest propositions. Be aware that any money sent has already disappeared, most likely to the Pearson Foundation in Panama, what is to stop the latest venture going the same way? I can't imagine this lot coming back from Panama in a few years time to face the music!

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