Sinclair James International - Forgery and Fraud - THE FACTS
There have been allegations that Sinclair James forged clients’ signatures when making investments.These allegations are entirely true – and there is evidence to prove this.
Clients who believe they may have been scammed in this way should request copy documents from the brokers and study them closely for evidence of forgery. Apart from physical copying, you should look out for photocopied signatures and instructions given without any authorization whatsoever. It was always Sinclair James’ intention to move clients’ money around at their own discretion whenever they wanted to generate commissions for themselves. This was most evident in Whiting’s own Ascenta Funds.
Money was transferred into these funds, either through forgery or by not disclosing Whiting’s personal interest in the funds (as Business Development Director). This generated commissions for him. No prudent investor would have touched this fund. As part of the Universal Mutual Fund (and the disgraced Belvedere Group), Ascenta was registered in Mauritius.
The prospectus showed you were allowing a bunch of people you don’t know to do whatever they liked whenever they liked, without ever having to explain themselves. They said this secrecy was necessary to protect their hedging activities. The real reason was that they didn’t want investors to know they were using your money to prop up their own failing companies, which were in turn returning money to them. Companies like Philippine Metals Inc and Prize Mining Corp.
These two companies had a number of things in common: They shared a number of common directors. They both had officers who were also members of Ascenta (including Whiting). They were both in desperate need of cash, to the extent that their auditors cast doubt on their ability to continue as going concerns. They were appalling investment risks, yet Ascenta decided to put money into them.
This generated fees for Ascenta for “investor relations”, PR, etc. It also provided cash for these two companies to pay their directors. Neither company ever found any minerals or generated any revenues. Philippine Metals Inc has announced that it has effectively ceased operations in the Philippines, with an accumulated deficit of $10M.
Prize Mining Corp has an accumulated deficit of $30M. Your money has been laundered twice; once into the Ascenta Funds, then from there into high-risk companies. For good measure, fees were also sent back to Ascenta again, as a thank you for organizing the cash transfer. Your money has been lost while benefiting the company directors and the officers of Ascenta.
This is not a conspiracy theory. These are facts and almost all are available from public domain sources. You can check them out using Google. The two companies’ filings can be found on SEDAR.com.
Payments to directors and Ascenta are disclosed in the Related Parties Transactions section of the companies’ filed accounts. This cash was paid initially as consultancy fees to the directors’ companies (probably to avoid Income Tax), then as compensation. Between 2009-15 Philippine Metals Inc paid $2.6M in Related Party transactions to its own officers. The only thing you can’t verify is the fact that Ascenta made investments in Philippine Metals Inc and Prize Mining Corp.
This is because they did everything to keep it secret. Any investor who is unsure should ask Whiting directly if these investments were made. He usually tries to bat the question away. If he confirms the fact then it is an admission of serious fraud.
He can’t say he doesn’t know as he was Treasurer of Philippine Metals, so would know the source of all funds. If he denies the fact then ask him to put that in writing – and report back here! Current investors should be aware that TAM International, like Ascenta, is registered in Mauritius and allows its managers to invest entirely at their own discretion. It is not registered in the Philippines and is not covered by the UK Financial Conduct Authority.
Trinitas Advisory is a shell that is trying to hide the identity of the people behind it.
It is not registered in the Philippines, has no permanent address and has a temporary website that hides who registered it and doesn’t even say what it does!Do any of Whiting’s and Wilkes’ current clients have any comments or questions?
Review about: Sinclair James International Investment Service.
Reason of review: Poor customer service.