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BBC Watchdog has received complaints from people who've been ripped off by commodities brokers at this company.
Invest in Gold - Big Profit
Potential, Not Futures or Options,
You own it, Very unique investment
www.CapitalAssetCommodities.com
Google Sponsored Link
If you search Google.com for the single word "Gold", one ot the top sponsored links is from Capital Asset Financial Services Ltd.
According to the BBC Website
31 January 2006 Please note there are a number of companies with a similar name, but the 'Capital Asset' featured on Watchdog pertains to Capital Asset Financial Services Ltd based in High Street Chelmsford. Capital Asset Financial Services Ltd is a cold-caller with a difference. Its commodities brokers will boast that it's a 'global market leader' when it comes to buying and selling precious metals, such as gold and silver. The company has offices across the UK, in America, Switzerland and Spain. It traded over £250 million last year and it wants to help you be a part of it. How? Well you're persuaded to put in, for example, £10,000. The company says it will offer 'leverage' and put in another £40,000 on top. Suddenly you've got the chance to make a big profit or should that be loss? The reality is that you've just bought a very expensive loan and you're paying fees on the whole amount, even on your own money. Before you even start, its charges could have swallowed up about half of your £10,000 and your cash may continue to shrink on a daily basis. William McKendrick and Jan Lengyel were persuaded to invest in metals and take the company's 'leverage' scheme. Both men told Watchdog that the charges weren't properly explained to them. "Their charges were structured in such a manner that they were baffling, to say the least," said Jan, who invested £5,000 in palladium. "The moment that position [on palladium] was opened things went from bad to worse. And in a ten-working-day period I lost a substantial amount of money." Unfortunately for Lengyel the price of palladium plummeted. So, could his experience be down to nothing more than bad advice? Well McKendrick also invested about £5,000 in gold. Despite the fact that the value of gold was rising - his money was disappearing: "I was putting more money into Capital Asset Financial Services and not realising any profit. That's when I became really angry." Investment manager Justin Urquart-Stewart had a look at McKendrick's deal with Capital Asset Financial Services Ltd and said: "In order to make money here, you're going to have to see huge movements in the prices of what it's actually providing in terms of the metals and the currencies and things like that - and frankly even as an institution, you'd struggle to make money on those sort of things. As a private investor, I don't think you've got a hope." We put that to the test and sent in an undercover reporter with no financial qualifications for an interview with Capital Asset Financial Services Ltd. He was interviewed by Toby Otton who runs the UK operation. He made it clear that despite the title of 'commodity brokers', they were basically salesmen: "You bring money in, I love you. I'll take you out for a drink, blah blah blah… You don't, you're out." He also seemed unfazed by regulations: "I don't want people lying, but as far as I'm concerned compliance shouldn't stop you. Compliance isn't an issue to me." That's because Capital Asset Financial Services Ltd isn't regulated by the Financial Services Authority. This means if you're ripped off, you've no one to complain to. Last but not least he had no doubts as to who gets rich with Capital Asset Financial Services Ltd: "The company makes money regardless of how it works out."
Too Late!
Since we published this guide, and a similar page on one of our
websites, we have already had one telephone call from somebody who told
us that an elderly relative had already had £14,000 cleared out of two
credit cards, and they wish they had seen our article earlier.
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